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Wheat fell to a one-week low on higher U.S. output and soybean prices eased. Australia's wheat crop is likely to fall to its lowest since 2007/08 amid persistent dry weather, according to a Reuters poll.
Speculators increased net short positions in corn futures.
Dry weather in Australia could tighten global wheat supplies and support prices, but U.S. production gains offset that near term. Soybean weakness reflects ample supply and pressure from the stocks report.
reuters.comOct 2, 2017After 334 past bearish weather events, WHEAT moved a median -0.2% over 5 sessions (47% higher; middle half -1.9% to +1.7%), and -0.2% over 20.
After 29 past neutral weather events, KWHEAT moved a median +0.6% over 5 sessions (52% higher; middle half -1.9% to +2.3%), and -0.7% over 20.
After 363 past bearish weather events, SOY moved a median -0.6% over 5 sessions (42% higher; middle half -2.5% to +1.1%), and -0.2% 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.
Dated on the move's end date, it reports wheat at a one-week low on higher US output, which directly describes the price action and its supply-driven mechanism.
