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Wheat futures fell to new contract lows as large US winter wheat stocks and weaker export numbers pressured prices. A surging US dollar added to the downward pressure, and speculators held large net short positions.
Australian cash prices also eased, with new lows in New South Wales and Victoria.
A strong dollar and heavy US stocks keep wheat export prices under pressure, while large fund short positions raise the chance of a sharp short-covering rally. Feed buyers should expect continued pressure with a risk of a sudden bounce.
stockandland.com.auMalcolm Bartholomaeus, Market AnalystDec 6, 2016Not enough comparable past events yet for a historical read.
Not enough comparable past events yet for a historical read.
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.
