Asian feed wheat demand strengthened in the second half of June, with about 450,000 mt trading into Asia. Black Sea feed wheat became the most competitive origin after Ukraine 11.5% FOB fell 11% on the month to $214/mt.
Improved weather in Western Australia and Russia eased fears of further yield losses.
Lower Black Sea prices make wheat a cheaper feed alternative to corn, shifting Asian feed demand and pressuring corn export values.
After 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.
After 683 past bearish trade events, Corn moved a median -0.2% over 5 sessions (47% higher; middle half -1.7% to +1.6%), and +0.3% 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.