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China bought 1.12 million tonnes of U.S. SRW wheat for delivery in 2023/24 between December 4 and 8. USDA raised its estimate of total 2023/24 SRW sales by about 817,000 tonnes to 4.76 million tonnes.
China is exceeding its WTO tariff-rate quota again, partly because rain damaged its 2023 crop.
Large Chinese buying lifts U.S. SRW export demand and prices, and could make 2023/24 the largest SRW export year since 2013/14. The purchases also reflect China's import needs after crop damage.
uswheat.orgDec 11, 2023After 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.
