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Chicago wheat climbed above $8 a bushel for the first time in nearly nine years, with Paris milling wheat near an all-time high. Top importers are buying amid limited supplies after poor weather hit major exporters.
Saudi Arabia's state buyer booked 1.3 million tons in a tender, nearly double expectations.
Tight export supplies and strong import demand from buyers like Saudi Arabia support wheat prices, which also raise feed grain costs.
ttnews.comKim Chipman, Megan DurisinNov 1, 2021After 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 1,465 past bullish weather events, Corn moved a median +0.2% over 5 sessions (54% higher; middle half -1.4% to +1.9%), and +0.9% 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.
Chicago wheat topped $8 on strong importer buying (Saudi tender of 1.3 Mt) amid limited exporter supplies, which is direct demand-pull and supply-tightness pressure.
Wheat above $8 and strong importer buying drove cross-commodity spillover into corn and feed-grain substitution sentiment.
