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Egypt, the world's largest wheat importer, is discussing a plan to hedge against rising wheat import prices. The country is paying more after severe droughts in Europe and Australia damaged crops, with Chicago futures hitting a three-year high earlier in the year.
Drought losses in Europe and Australia keep import costs high, and state hedging by a major buyer could add to demand for wheat price protection rather than directly changing physical buying.
bloomberg.comJavier Blas, Agnieszka de Sousa, Manisha JhaSep 4, 2018After 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.
After 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.
