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A late winter storm flattened wheat stalks in Kansas, Colorado and Oklahoma, with 10 to 20 inches of snow reported. Hard red winter wheat rose 6.5 per cent to $4.6575 a bushel on the Chicago Board of Trade on Monday.
Crop damage ahead of harvest removes supply from a market already weighed down by global surplus, so prices rebound sharply and feed wheat becomes costlier.
ft.comGregory MeyerMay 1, 2017After 322 past bullish weather events, KWHEAT moved a median -0.1% over 5 sessions (49% higher; middle half -2.5% to +3.2%), and +1.0% over 20.
After 1,072 past bullish weather events, WHEAT moved a median +0.2% over 5 sessions (55% higher; middle half -1.4% to +2.3%), and +0.3% 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.
