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USDA expects US wheat exports of 700 million bushels, the lowest in 52 years, with HRW exports at the lowest since records began in 1973-74. Drought cut US yields and raised prices to the fourth-highest on record, while bumper crops in France and Russia have made US wheat uncompetitive.
Lost export competitiveness and drought-limited supply keep US wheat demand weak, pressuring domestic prices and favouring cheaper Black Sea and EU wheat in feed markets.
agriculturedive.comSarah ZimmermanAug 23, 2023After 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 82 past bearish trade events, Wheat (HRW) moved a median -0.3% over 5 sessions (48% higher; middle half -2.8% to +1.9%), and +0.1% 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.
