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Wheat in Chicago and Kansas City has been supported by dryness in the US Central Plains, while Minneapolis has seen little spillover. Global wheat supplies remain comfortable, which limits upside.
Spring weather and planting decisions are the next key drivers.
Dry US Plains conditions give wheat some support, but a large global surplus caps rallies, keeping feed wheat costs relatively contained.
agweek.comAlex NortonFeb 5, 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.
After 1,072 past bullish weather events, Wheat (SRW) 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.
