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Wheat futures finished August strongly after a 60 cent plunge over seven sessions, recovering on renewed reports that Russia may limit exports to as little as 25 million tonnes. Production cuts in the EU, Black Sea, Canada and Argentina added support.
Lower EU and Black Sea production estimates and possible Russian export limits tighten supplies relative to USDA projections, supporting wheat prices.
stockandland.com.auMalcolm Bartholomaeus, Market AnalystSep 4, 2018After 182 past bullish policy events, Wheat (SRW) moved a median +0.1% over 5 sessions (52% higher; middle half -1.9% to +1.4%), 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.
Same Russian export-limit reports and production cuts in EU, Black Sea, Canada and Argentina supported the strong month-end recovery, though published a day after the move.
