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US wheat prices fell about $10/t on the week after the CDC said coronavirus would likely spread into the US. China will waive import duties on numerous US farm products from March 2.
USDA Outlook Forum projected 2020 US all-wheat area at a record low 45 million acres.
Lower US acreage and projected stock declines support wheat prices, while coronavirus-driven risk-off sentiment and a firmer dollar offset gains.
farming.co.ukFeb 28, 2020After 406 past neutral report events, Wheat (SRW) moved a median -0.2% over 5 sessions (47% higher; middle half -1.6% to +1.5%), and +0.0% over 20.
After 40 past neutral report events, Wheat (HRW) moved a median -0.9% over 5 sessions (38% higher; middle half -3.1% to +1.6%), and -0.5% over 20.
After 53 past bullish report events, US Dollar (Broad) moved a median +0.1% over 5 sessions (51% higher; middle half -0.4% to +0.5%), and +0.5% 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.
