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Wheat prices rose sharply as a USDA forecast showed Ukraine's wheat production falling by one-third from last year. Drought and floods in other major producing regions added to supply concerns.
A large cut in Black Sea output and weather problems across several exporters tighten world wheat supplies, supporting higher wheat and feed grain prices.
bloomberg.comMegan Durisin Albery, Michael Hirtzer, Tarso VelosoMay 12, 2022After 1,072 past bullish weather events, WHEAT moved a median +0.2% over 5 sessions (55% higher; middle half -1.4% to +2.3%), and +0.3% over 20.
After 1,465 past bullish weather events, CORN moved a median +0.2% over 5 sessions (54% higher; middle half -1.4% to +1.9%), and +0.9% over 20.
After 322 past bullish weather events, KWHEAT 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.
