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Russian wheat export prices fell for a third straight week as weak demand and lower Chicago and Paris prices weighed on the market. Sovecon cut barley by $6 to $248 per tonne, and Russia's 2021 wheat crop estimate was raised.
Traders are adjusting to a high Russian wheat export tax.
Improved Northern Hemisphere weather and a larger Russian crop expectation point to lower Black Sea wheat and barley export prices, although the export tax limits exports.
brecorder.comReutersMar 22, 2021After 334 past bearish weather events, Wheat (SRW) moved a median -0.2% over 5 sessions (47% higher; middle half -1.9% to +1.7%), 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.
On the move date, Russian wheat and barley export prices fell for a third week on weak demand, a larger Russian crop estimate and lower Chicago and Paris futures, a bearish sentiment signal for feed grains including barley.
