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Wheat futures in Chicago and Kansas City slumped on Monday and Tuesday after storms brought rain to parts of the U.S. Great Plains. The most moisture-stressed crops received little of the rain.
Traders are watching whether forecast follow-up rain later in the week reaches the driest areas.
Rain that falls short of the driest areas may not prevent significant HRW losses, so prices could rebound if dryness persists into the harvest.
farmonline.com.auGregor HeardApr 18, 2018After 70 past bearish weather events, Wheat (HRW) moved a median -0.6% over 5 sessions (41% higher; middle half -3.9% to +2.5%), and -1.1% over 20.
After 334 past bearish weather events, Wheat (SRW) moved a median -0.2% over 5 sessions (47% higher; middle half -1.9% to +1.7%), 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.
