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A spring blizzard dropped up to 30 centimetres of snow on Kansas and Oklahoma wheat, with early estimates of 2.7 million tonnes of lost production. Kansas City July wheat rose 29.75 cents to its highest level since early March.
A possible loss of 2.7 million tonnes of US wheat is a large supply shock that lifts wheat values and raises the cost of wheat-based feed.
farmonline.com.auGregor HeardMay 2, 2017After 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.
After 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.
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.
