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Western Canadian wheat bids were slightly higher for the week ended November 17 after a volatile week tied to the Ukraine-Russia conflict. The Black Sea grain deal was extended by 120 days, and the IGC cut 2022-23 wheat ending stocks by four million tonnes to 282 million.
The Black Sea deal extension adds supply certainty that pressures wheat, while the IGC stock cut and dry US and Argentine conditions offset it.
agcanada.comAGCanadaNov 18, 2022After 38 past neutral geopolitics events, WHEAT moved a median +0.1% over 5 sessions (53% higher; middle half -1.6% to +1.5%), and +0.8% over 20.
After 118 past geopolitics events, KWHEAT moved a median -0.8% over 5 sessions (44% higher; middle half -3.1% to +3.9%), and +0.1% over 20.
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.
