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US wheat prices rose slightly on the week, supported by a weaker dollar, fund short-covering and concerns about 2016-17 quality in Australia and Canada. A UK High Court ruling requiring Parliament to vote on Brexit lifted sterling and pushed UK futures lower, while French wheat showed weak demand.
Quality concerns in exporters and a softer dollar support wheat values, while a firmer pound could pressure UK ex-farm wheat prices. Overall sentiment is shifting toward addressing global oversupply.
farming.co.ukNov 4, 2016After 57 past bullish macro events, Wheat (SRW) moved a median +0.3% over 5 sessions (65% higher; middle half -0.5% to +1.7%), and -0.7% over 20.
After 10 past bullish macro events, Wheat (HRW) moved a median +0.8% over 5 sessions (60% higher; middle half -1.9% to +3.1%), and +1.3% over 20.
Not 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.
