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Rabobank raised its Chicago wheat price expectation to US$5.00 to 5.15 per bushel for 2020. Dryness, hail, frost, cold and snow have hit supply in Argentina, Canada and the northern US, and the Canadian spring wheat harvest is well behind average.
Weather-related losses in several exporting regions reduce global wheat supply and support higher export prices. The forecast suggests a meaningful upward price trend into 2020.
theland.com.auCheryl Kalisch GordonOct 23, 2019After 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.
