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International wheat futures rose early in the week of April 17 on poor US winter wheat conditions, Russia blocking Ukrainian vessel inspections and some EU states halting Ukrainian imports, then fell later on good EU crop conditions and EU approval of Ukrainian grain transit. Speculators hold a large net short position in CBOT wheat.
With funds heavily short and no new bullish catalyst, prices remain vulnerable to further declines until spring weather or geopolitical news adds support.
farmweekly.com.auNathan Cattle, Clear Grain Exchange Managing DirectorApr 26, 2023Not enough comparable past events yet for a historical read.
Not enough comparable past events yet for a historical read.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
