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UK wheat futures fell £1.25/t on the week as sterling surged on favourable election polls, while Paris futures rose €3.25/t and US prices gained $3/t on solid export trade. ABARES cut Australia's wheat estimate to 15.85 million tonnes, down 8%, and Egypt's GASC bought 295,000 t of Russian wheat.
The ABARES cut to Australian output tightens southern hemisphere supply and supports export prices, while a stronger pound erodes UK export competitiveness. Russian and Egyptian tender activity shows demand for Black Sea wheat remains firm.
farming.co.ukDec 6, 2019After 769 past bullish report events, WHEAT moved a median +0.2% over 5 sessions (53% higher; middle half -1.4% to +2.0%), and +0.2% over 20.
Not enough comparable past events yet for a historical read.
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.
