US wheat futures fell by double digits on Friday after a weekly export sales report showed sales of 140,591 metric tons in the Christmas week, below expectations. South Korea and Thailand were the largest buyers, and Taiwan tendered for 114,650 tons of US wheat.
Euronext wheat also closed lower.
Weak US export demand adds bearish pressure to wheat, which competes with corn in feed rations; a Taiwan purchase could partly offset the weakness.
After 1,006 past bearish report events, WHEAT moved a median +0.0% over 5 sessions (50% higher; middle half -1.6% to +1.8%), and +0.3% over 20.
After 138 past bearish report events, KWHEAT moved a median +0.0% over 5 sessions (50% higher; middle half -2.9% to +2.4%), and +0.5% over 20.
After 770 past neutral report events, CORN moved a median +0.2% over 5 sessions (54% higher; middle half -1.1% to +1.6%), and +0.7% 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.
Weak weekly US export sales (140,591 MT) triggered double-digit wheat losses, and that weakness carried into the following session through weak demand sentiment.