The soft red winter wheat premium over hard red winter wheat remains at a historic inversion, reported as the widest spread analysts can recall. The spread peaked in mid-October, and USDA estimates suggest the coming winter wheat crop could be the smallest in 110 years.
An inverted SRW-HRW spread signals strong demand for Chicago-quality wheat, and analysts expect it to narrow as feed users substitute toward cheaper wheat, which would support feed wheat demand.
Not 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.