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Chicago wheat prices fell to a low on Cyber Monday, then rebounded more than 10% as Chinese buyers took advantage. USDA announced Chinese purchases of 1.0 million tonnes of U.S. SRW, the largest since 2020.
European wheat has barely moved in dollar terms, and Egypt bought 600,000 tonnes of Black Sea wheat.
Chinese SRW demand lifted Chicago prices, but EU wheat remains weak in export business. Price gains are concentrated in US SRW rather than across world wheat.
drybulkmagazine.comOliver KleinschmidtDec 8, 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.
After 480 past neutral trade events, Corn moved a median +0.2% over 5 sessions (54% higher; middle half -1.1% to +1.6%), and +0.7% 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.
