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Wheat prices fell sharply on bigger-than-expected harvests in Russia and neighbouring countries. Egypt's state buyer contracted 355,000 t of wheat from Russia and Ukraine for September delivery, and Tunisia, the Philippines, Thailand and Iraq are reported to be interested in tenders.
Cheaper Black Sea wheat and a wave of import tenders from major buyers add demand to a well-supplied market. This is likely to support export volumes from Russia and Ukraine and keep global wheat prices subdued.
enterpriseam.comAug 17, 2017After 375 past bearish trade events, Wheat (SRW) moved a median -0.2% over 5 sessions (47% higher; middle half -2.0% to +1.1%), and -0.1% 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.
Bigger-than-expected Russian and regional harvests pushed international prices lower and let Egypt buy cheap Black Sea wheat, which undercuts US export competitiveness and adds bearish supply pressure.
