
Wheat quotations on world exchanges stayed low under pressure from unsold cheap Russian wheat, with Russia reporting a 105.7 million tonne harvest. Egypt's GASC bought 80,000 tonnes of Russian wheat at $339/t C&F, and Argentina cut its 2022/23 wheat exports to 6 million tonnes.
Low-priced Russian supply and favorable northern hemisphere weather keep wheat prices under pressure, though Argentina's export cut tightens some supply for buyers.
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.
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.