
Wheat quotations fell on November 8 as the Black Sea grain corridor resumed, with 14 ships entering Ukrainian ports in two days. Egypt's GASC cancelled a wheat tender after offers were deemed too expensive, and USDA was expected to trim 2022/23 world wheat stocks by 0.6 million tonnes.
Resumed corridor flows and lower Russian FOB prices pressure wheat, while the Egyptian tender cancellation signals weaker near-term import demand.
After 375 past bearish trade events, WHEAT 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, KWHEAT 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.