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Russian wheat prices in deep-sea ports rose $3 to $247/mt FOB, the first increase since the early-March sell-off. The rise followed higher global benchmarks, supported by dry weather in North American spring wheat areas and cold in the Midwest.
Analysts say a major escalation of Russia-Ukraine tensions is unlikely but would be bullish if it reached 2014 levels.
Weather-driven gains in global wheat benchmarks lift Black Sea offers, which raises the cost of wheat for feed use. Continued dryness in key spring wheat regions would support prices further.
blog.sizov.reportAndrey SizovApr 19, 2021After 1,072 past bullish weather events, Wheat (SRW) moved a median +0.2% over 5 sessions (55% higher; middle half -1.4% to +2.3%), and +0.3% 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.
