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Platts Australian wheat benchmarks fell 5.2% and 6.2% over the month, to $360/mt and $347/mt FOB Western Australia. Buyers in Indonesia and the Philippines are holding back because of bearish sentiment, and more Ukrainian wheat offers are appearing in Asia.
Australian wheat is also facing competition from South American corn and barley.
Cheaper Ukrainian and South American supplies are limiting demand for Australian feed grains, which keeps export prices under pressure. A large expected Australian crop adds to the downside.
spglobal.comElizabeth ThangAug 22, 2022After 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.
Not enough comparable past events yet for a historical read.
After 683 past bearish trade events, CORN moved a median -0.2% over 5 sessions (47% higher; middle half -1.7% to +1.6%), and +0.3% 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.
