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Chicago wheat futures held near $300 per tonne, at their lowest since late December, as arctic conditions in the U.S. and Black Sea raised winterkill concerns. About 15% of U.S. HRW and 10% of SRW crops lacked snow cover, while Ukraine had about 15% with limited cover.
Snow cover emerged and temperatures in the Black Sea were not unusually cold.
Diminishing winterkill risk weighs on wheat prices, lowering the upside for wheat used in feed rations.
stockandland.com.auMalcolm Bartholomaeus, Bartholomaeus Consulting Market AnalystFeb 15, 2021After 334 past bearish weather events, Wheat (SRW) moved a median -0.2% over 5 sessions (47% higher; middle half -1.9% to +1.7%), and -0.2% over 20.
After 70 past bearish weather events, Wheat (HRW) moved a median -0.6% over 5 sessions (41% higher; middle half -3.9% to +2.5%), and -1.1% 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.
