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France's soft wheat crop rating fell to 65% good or excellent in the week to June 13, below the five-year average of 73%, and drought raised doubts over nearly 400,000 hectares of Argentine wheat sowings. Argentina's exchange may cut its planting estimate further, and US winter and spring wheat ratings were also weak.
Poor ratings in France, Argentina and the US tighten the global wheat balance, supporting prices and raising the cost of wheat-based feed ingredients.
grainpricenews.comMike VerdinJun 17, 2022After 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.
After 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.
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.
