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New crop wheat prices were volatile after a USDA global forecast cut Russia's wheat crop to 68.5 million tonnes due to a wet spring. Global 2018-19 wheat production was lowered 3.1 million tonnes to 744.7 million, with EU and Australian estimates also reduced.
Prices then fell back amid US-China trade concerns.
A sharp cut to Russian and global wheat output tightens export supplies and supports wheat prices, though trade worries capped the rally.
fwi.co.ukJonathan RileyJun 15, 2018After 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.
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.
