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Dry, hot weather from the U.S. to Europe is hurting crops, and the U.S. government forecasts global wheat output will fall for the first time in five seasons. Chicago wheat futures rose about 15 percent early in the year, and hedge funds cut their bearish bets.
A forecast fall in global wheat output and reduced fund selling signal the end of the glut and support higher wheat prices for feed buyers.
newsaegis.comMegan Durisin, BloombergJun 26, 2017After 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 322 past bullish weather events, Wheat (HRW) moved a median -0.1% over 5 sessions (49% higher; middle half -2.5% to +3.2%), and +1.0% 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.
