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U.S. hard red winter wheat export cash prices have risen about 73 cents since January, with futures climbing from $4.37 to $5.64 per bushel by May 25. Drought in the Plains has cut HRW condition ratings, and USDA expects world wheat consumption to exceed production in 2018/19 due to smaller Black Sea crops.
Drought-reduced U.S. HRW supply combined with tighter Black Sea supplies and high rail rates supports higher HRW wheat prices and export values.
uswheat.orgMay 31, 2018After 322 past bullish weather events, Wheat (HRW) moved a median -0.1% over 5 sessions (49% higher; middle half -2.5% to +3.2%), and +1.0% 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.
