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The Financial Times reports that Chicago wheat rose by the 5.9% daily limit to $12.47 a bushel after India imposed an export ban. Wheat prices had already risen more than 60% this year, and analysts expected developing countries to be hit hardest.
Losing India's supply, on top of Black Sea disruption, pushes up world wheat import costs and makes feed-grain buyers more exposed to higher prices.
ft.comHudson Lockett in Hong Kong, Nic Fildes in SydneyMay 16, 2022After 431 past bullish trade events, WHEAT moved a median +0.0% over 5 sessions (50% higher; middle half -1.3% to +2.1%), and +0.5% over 20.
After 102 past bullish trade events, KWHEAT moved a median 0.0% over 5 sessions (49% higher; middle half -2.0% to +3.5%), and -1.4% 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.
