Financial Market Analysis & Investment Research Partly open
Wheat (ZW, CBOT): There’s grain, but no market
Wheat on the Chicago Board of Trade experienced its most volatile August since 2022: a weekly gain of more than 12%, three-year highs, and sessions with price movements reaching the daily limit. At the same time, the U.S. is harvesting its smallest crop since 1970, and almost no grain is being shipped via the Black Sea—which accounts for a quarter of global exports—as grain elevators in the exporting countries themselves are overflowing. Let’s break down what drove this price and what the sharp pullback in early September means.
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