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A SaskWheat outlook reports that the spread between Chicago wheat and Minneapolis spring wheat has moved from minus 11 cents in January to plus 1 cent in mid-June, signalling demand for high-protein wheat. Canadian wheat carryout is forecast at 4 million tonnes, the third lowest on record.
Wheat exports are 17% above last year's pace.
Tight Canadian carryout and strong export pace support wheat prices, especially for high-protein classes. Reduced spring wheat seeding in North America adds to the supportive backdrop.
620ckrm.comHarvard MediaJun 25, 2021After 769 past bullish report events, Wheat (SRW) moved a median +0.2% over 5 sessions (53% higher; middle half -1.4% to +2.0%), and +0.2% 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.
