South Korea's Nonghyup Feed Inc. issued an international tender seeking Russian feed wheat offers for April 2024 arrival, the first such move by a South Korean feedmiller since the invasion of Ukraine. Offers from Australia, Eastern Europe and South America have reportedly dwindled or fallen short on quality.
Russian feed wheat offers to Asia have been declining.
Feed buyers turning to Russian origin signals tightening alternative supply in Asia, supporting feed wheat prices and shifting trade flows.
After 431 past bullish trade events, Wheat (SRW) moved a median +0.0% over 5 sessions (50% higher; middle half -1.3% to +2.1%), and +0.5% over 20.
After 480 past neutral trade 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.