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Australian wheat prices rallied, with new-season APW wheat rising above A$300 a tonne for the first time in over a year. A USDA report showed the US planted its smallest wheat area since 1919, and Chicago and Kansas futures hit limit-up gains of 30 cents a bushel.
Hot, dry conditions in northern US producing states and dryness in Europe added to the rally, while Australian crops remain poor.
A smaller US planted area and weather risk across major exporters tighten global wheat supplies and lift export prices. Australian feed buyers should expect higher wheat costs.
farmonline.com.auGregor HeardJul 5, 2017After 769 past bullish report events, WHEAT moved a median +0.2% over 5 sessions (53% higher; middle half -1.4% to +2.0%), and +0.2% over 20.
After 180 past bullish report events, KWHEAT moved a median +0.4% over 5 sessions (53% higher; middle half -2.1% to +3.7%), and -0.6% 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.
