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Wheat futures fell 6-10% over the week of February 20-24, 2023, with Chicago SRW down about 7.8% and Kansas City HRW down about 10%. Pressure came from forecasts of a larger US wheat crop, uncertainty over extending the Black Sea grain corridor, and lower export prices amid competition from Russia.
A larger expected US crop and cheaper Russian supply weigh on wheat values, which lowers the cost of wheat-based feed ingredients for buyers. Continued uncertainty over the Black Sea deal could still produce sharp swings.
ukragroconsult.comFeb 28, 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.
