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US hard red spring wheat export basis jumped in September as unrelenting Northern Plains rain slowed harvest and raised quality concerns such as low falling numbers and elevated DON. Gulf and Pacific Northwest HRS export basis rose sharply, with harvest well behind average.
Quality problems and higher export basis raise the cost of US spring wheat for overseas buyers, supporting wheat prices and pushing feed users toward alternatives.
uswheat.orgOct 17, 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.
