Srw wheat futures posted modest gains, settling at $6

SRW wheat futures posted modest gains, settling at $6. The wheat complex is mixed on Wednesday with HRW holding up. Chicago SRW futures are 4 to 5 cents in the red. KC contracts are up 2 to 4 cents so far on the day. MPLS spring wheat is fractionally lower in the front months. The 30-day historical annualized volatility, an important statistical indicator measuring the historical changes in the underlying commodity, shows that CVB wheat has traded in a range of 15% to 30% volatility since September 2023. Higher levels of price volatility typically lead to greater trading interest to manage risk against an underlying commodity. The SRW wheat futures curve is showing slight backwardation, suggesting stronger short-term demand relative to deferred contracts. Analysts see funds positioning ahead of potential Black Sea supply disruptions.