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USW published an analysis on January 8, 2024, showing US wheat export basis levels were well below their five-year averages, with HRW 31% below, SRW 27% below and HRS 15% below. Export basis had hovered near record lows in summer 2023 as demand was slow.
Weak basis makes US wheat more competitive on export markets, which could support future export sales. Slow overall grain export demand remains a constraint on basis recovery.
uswheat.orgJan 8, 2024After 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 102 past bullish trade events, Wheat (HRW) moved a median 0.0% over 5 sessions (49% higher; middle half -2.0% to +3.5%), and -1.4% 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.
