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The Exceed Grain Marketing outlook shows total wheat output for major exporters down only 1% year on year, as US, Australian and Canadian gains offset a 16.7 mln t EU, Russian and Ukrainian decline. North American FOB values dropped $6-7/mt in the past week while EU and Black Sea values rose $1-3/mt.
Smaller EU and Black Sea supply may push MENA importers such as Egypt and Morocco to buy from North America, supporting US export demand while Black Sea offers firm modestly.
saskwheat.caAug 26, 2024After 40 past neutral report events, Wheat (HRW) moved a median -0.9% over 5 sessions (38% higher; middle half -3.1% to +1.6%), and -0.5% over 20.
After 406 past neutral report events, Wheat (SRW) moved a median -0.2% over 5 sessions (47% higher; middle half -1.6% to +1.5%), and +0.0% 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.
