Monthly Analysis: Cash SRW Wheat

2022-03-01T07:05:47-06:00March 1st, 2022|Monthly|

The cmdty National SRW Wheat Price Index (SWPI, weighted national average cash price) erased January’s bearish outside month during February, extending the previous major (long-term) uptrend to a high of $8.9387. Much of the February move has to do with the worsening situation in Ukraine, with the latest reports being Black Sea ports will be shut down indefinitely. National average basis continues to run below its previous 5-year lows, though this isn’t as bearish as it seems given Chicago futures continue to explode higher. The US has not seen increased demand to this point, though inverted futures spreads indicate it could happen.

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