Loading…
Wheat rose as much as 1.5% on Monday as traders assessed whether Hurricane Ida would disrupt U.S. grain exports. Major grain traders shut export terminals and at least one soybean crusher, and the lower Mississippi handles more than half of U.S. soybean and corn shipments.
Supply pressure from weather damage in Russia, Canada and Europe also supported wheat.
Closed Gulf export terminals delay shipments and can tighten nearby supply and firm wheat bids, while Canadian production losses add to a global wheat shortfall.
airfreight.newsBloombergAug 30, 2021After 283 past bullish logistics events, Wheat (SRW) moved a median -0.2% over 5 sessions (46% higher; middle half -1.4% to +1.3%), and -0.1% over 20.
After 22 past bullish logistics events, Wheat (HRW) moved a median -1.2% over 5 sessions (45% higher; middle half -2.5% to +1.7%), and +3.9% 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.
