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US Wheat Associates reported that hard red winter wheat sales for 2022-23 were 32% behind the prior year due to high prices from drought and war. Its president said US HRW was as much as $100 a ton above Russian and eastern European wheat on an FOB basis.
A persistent price premium over Black Sea wheat has cut US export demand, which weighs on wheat values while cheaper competitor supplies remain available.
northernag.netJonna McCulloughAug 16, 2023After 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.
After 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.
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.
