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Chicago wheat rose 1.7% on Monday after dropping more than 6% in the previous session to a three-year low. The earlier decline followed USDA data showing U.S. wheat production above expectations.
Prices had already been pressured by ample Russian supplies and signs that Ukraine was finding export routes.
The rebound is a short-term bargain-hunting bounce, not a change in supply. Heavy Russian and U.S. supplies still point to pressure on wheat prices for buyers.
reuters.comNaveen ThukralOct 2, 2023Not 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.
