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Wheat prices retreated after a sharp March rally as flour mill demand and panic buying faded. Dry weather across the Black Sea region, including Ukraine, eastern Europe and western Russia, is emerging as a bullish factor that could lead prices higher if it persists.
Dryness in Black Sea growing areas could tighten exporter supplies and support global wheat prices into the new crop year if rains do not arrive.
agriculture.comLouise GartnerApr 4, 2020After 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.
After 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.
