Loading…
Australian wheat futures staged a sharp rally in the last week of July, with US prices near limit up and reaching levels close to May highs. Australian old-season wheat hit A$400 per tonne on the east coast.
Further EU and Black Sea production cuts and Ukrainian and southern Russian harvest rain damage added pressure.
Lower Black Sea and EU output plus Australian seasonal tightness support higher wheat prices, raising feed grain costs in import markets.
stockandland.com.auMalcolm Bartholomaeus, Market AnalystJul 31, 2018Not enough comparable past events yet for a historical read.
After 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.
