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Wheat prices eased after the August WASDE projected record global wheat stocks of 264.7 Mt for 2017/18. Durum cash bids dipped for the first time since April, and crop conditions for North Dakota and Montana durum deteriorated sharply in drought.
Record global stocks weigh on wheat prices, but severe drought in the northern Plains durum crop could limit the downside for durum supplies.
dtnpf.comCliff JamiesonAug 14, 2017After 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.
After 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.
Not enough comparable past events yet for a historical read.
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.
