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CBOT wheat futures held near six-year highs as Algeria and Egypt tenders showed strong global demand. Drought in the U.S. winter wheat areas worsened, with 48% of the crop drought-declared, and dry conditions persist in southern Russia and Ukraine.
Drought in U.S., Russia and Ukraine combined with strong import tenders keeps wheat prices supported, lifting feed wheat costs for buyers.
farmweekly.com.auMalcolm BartholomaeusOct 29, 2020After 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.
After 322 past bullish weather events, Wheat (HRW) moved a median -0.1% over 5 sessions (49% higher; middle half -2.5% to +3.2%), and +1.0% 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.
