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Kansas City HRW wheat futures have rallied 13% since January 1, returning to June 2016 price levels. U.S. 2016/17 HRW export sales reached 10.1 million metric tons, up 95% from the prior year, and 2017/18 sales are also running ahead of last year.
Strong export demand, helped by a weaker dollar against competing origins, tightens HRW supplies and supports prices. Lower planted area for 2017/18 points to further support.
uswheat.orgMar 9, 2017Not 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.
