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Chicago wheat futures traded around $5.00 to $5.35 per bushel in the past month, a recent rally off 2019 lows but still far below levels seen earlier this decade. Support came from rising Russian prices, drought in Australia and Argentina, dryness in Europe and the Black Sea, and firmer maize prices.
Wheat remains cheap against history despite a global surplus, so drought-driven crop cuts and a firmer corn market could keep feed-wheat prices supported into 2020.
millingandgrain.comDynamicDec 31, 2019Not enough comparable past events yet for a historical read.
Not enough comparable past events yet for a historical read.
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.
