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Global wheat prices rose to multiyear highs as a heat wave across Europe and Asia cut harvest forecasts. Chicago wheat futures hit three-year highs and a European benchmark topped a four-year high, with Paris milling wheat up 33% year to date.
Lower crop forecasts tighten world wheat supply and raise the cost of wheat used in animal feed, pushing feed prices higher in affected regions.
wsj.comDavid Hodari, Benjamin ParkinAug 4, 2018After 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.
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.
Heat wave cutting European and Asian harvest forecasts pushed Chicago wheat to three-year highs, a supply shock consistent with a large move into Aug 6.
