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Minneapolis spring wheat prices swung widely after reaching a four-year high, with an intraday jump of 6.4 percent before settling slightly higher. Traders weighed an intensifying High Plains drought against signs that US wheat is uncompetitive in export markets.
Drought supports prices, but weak export competitiveness limits the upside. The conflicting signals point to volatile, range-bound wheat values for feed buyers.
bloomberg.comSydney Maki, Jeff WilsonJul 5, 2017After 224 past neutral weather events, Wheat (SRW) moved a median -0.1% over 5 sessions (46% higher; middle half -1.4% to +1.5%), and +0.4% 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.
