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Wheat futures fell early in the week after reports that winter kill in the US Southern Plains and Black Sea countries was less severe than feared. March Chicago contracts traded at 414 cents a bushel, down from 437.5 cents earlier in the month.
Australian protein premiums widened and Asian export interest improved.
Easing winter-kill concerns removes weather premium from US and Black Sea wheat, pressuring prices, while stronger Australian export demand provides some offset.
theland.com.auAngus Groves, AwbFeb 1, 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.
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.
