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Winter wheat crop ratings fell to 52 percent good to excellent from 58 percent a year earlier, and Chicago December wheat hit a new contract low of $4.1625 on Nov. 1 before recovering to $4.25.
European wet weather in Poland and Lithuania is reducing planting, while France is dry.
Weaker US crop ratings and European planting delays are supportive for wheat, but the contract lows show prices are still under pressure from ample supplies.
agweek.comRay Grabanski, Progressive AgNov 5, 2017After 224 past neutral weather events, Wheat (SRW) moved a median -0.1% over 5 sessions (46% higher; middle half -1.4% to +1.5%), and +0.4% over 20.
After 29 past neutral weather events, Wheat (HRW) moved a median +0.6% over 5 sessions (52% higher; middle half -1.9% to +2.3%), and -0.7% 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.
