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Mecardo's Nick Booth reports that Russia floated limiting wheat and sunflower oil exports, then clarified it was aimed at keeping prices above a floor of about US$275/t. Cargill and Viterra also reportedly plan to stop exporting wheat from Russia, though they would continue originating grain there.
A Russian export floor and possible disruption to major exporters support global wheat prices and keep sunflower oil supplies tight. Tight stocks make the market sensitive to any supply interruption.
mecardo.com.auNick BoothMar 31, 2023Not enough comparable past events yet for a historical read.
After 211 past trade events, Wheat (HRW) moved a median 0.0% over 5 sessions (46% higher; middle half -2.5% to +2.7%), and -0.9% over 20.
After 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.
