Wheat futures posted double-digit losses across most contracts on Friday, with Chicago SRW down about 11 to 16 cents. The USDA weekly export sales report showed a marketing-year low of 140,591 MT for the Christmas week, below estimates of 200,000 to 500,000 MT.
Taiwan is tendering for 114,650 MT of US wheat.
A marketing-year low in export sales signals weak foreign demand for US wheat, which pressures prices and makes wheat a cheaper feed alternative to corn.
After 1,006 past bearish report events, Wheat (SRW) 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, Wheat (HRW) 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.
Marketing-year-low export sales well below estimates drove a Friday selloff in SRW, setting up continued downside momentum.