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Wheat broke a month-long downtrend as the market shifted focus to Russia-Ukraine escalation risk and US HRW production. Freezing temperatures across the Canadian Prairies to Texas raised winter-kill concerns, and Kansas wheat was rated 47% poor to very poor.
Southern Russia has also been unusually dry over the past 30 days.
Winter kill risk in US HRW and dryness in southern Russia threaten supplies from key exporters, supporting wheat prices and feed grain costs.
mecardo.com.auNick BoothFeb 3, 2023After 322 past bullish weather events, Wheat (HRW) moved a median -0.1% over 5 sessions (49% higher; middle half -2.5% to +3.2%), and +1.0% over 20.
After 1,072 past bullish weather events, Wheat (SRW) moved a median +0.2% over 5 sessions (55% higher; middle half -1.4% to +2.3%), and +0.3% over 20.
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.
