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China bought 1.12 million tonnes of US soft red winter wheat for delivery in 2023/24, with shipments between December 4 and 8. Chinese buyers are in a wheat-buying phase after rain damage to its 2023 crop, and USDA expects China to exceed its tariff-rate quota.
Total SRW sales to China now exceed 1.9 million tonnes.
Large Chinese purchases tighten US export demand for SRW wheat and support prices, while Chinese import needs could keep global wheat demand firm.
uswheat.orgJan 3, 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.
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.
