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Weekly UK feed commodity report says sterling has fallen to its lowest level against the dollar in over two years after Boris Johnson's appointment and rising no-deal Brexit risk. UK November wheat futures ended the week at £147.5/t, and the IGC cut its world wheat crop forecast by 6 Mt to 763 Mt.
A weaker pound supports UK wheat prices and could bring forward UK cereal exports, while the lower IGC world crop estimate adds modest global wheat support.
feedsandpullets.co.ukHumphrey Feeds, PulletsJul 29, 2019After 57 past bullish macro events, Wheat (SRW) moved a median +0.3% over 5 sessions (65% higher; middle half -0.5% to +1.7%), and -0.7% over 20.
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.
