Wheat Posts Longest Losing Streak Since 1997: What It Means for Portfolios

Chicago wheat futures were headed for a ninth straight weekly loss on October 28, a run Barchart flagged as the longest in more than 29 years, with the ninth week set to be confirmed at Friday’s close. The contract had fallen about 21% since early September, from a peak near $7.65 a bushel on September 1 to around $6.00. The decline came even though the U.S. winter wheat crop was near a 50-year low; traders focused on hopes for U.S.-led Russia-Ukraine peace talks and expected recovery in Black Sea grain shipments, while Russia rerouted exports through Baltic ports and Southern Hemisphere harvests added supply. Hedge funds held about 65,000 net short Chicago contracts this week, according to DTN.