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Front-month HRW and SRW wheat futures hit daily trading limits on March 2 and reached 14-year highs. Traders cited Russia-Ukraine fallout on global grain trade, as the two countries account for nearly 30% of world wheat exports.
Limit-up moves reflect a acute export disruption from the Black Sea, pushing up wheat as a feed ingredient and lifting corn and meal values through substitution.
agweb.comMar 2, 2022After 361 past bullish geopolitics events, Wheat (SRW) moved a median +0.7% over 5 sessions (58% higher; middle half -1.4% to +3.7%), and +1.3% over 20.
After 94 past bullish geopolitics events, Wheat (HRW) moved a median +0.1% over 5 sessions (50% higher; middle half -2.7% to +5.8%), and +0.1% 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.
