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Asia-based buyers have not yet committed to forward bookings of new crop Black Sea wheat for July and August loading, with far fewer forwards on the books than last year. Traders cite high freight, Russia's new export quota and tax, and weather concerns as reasons for the hesitation.
Delayed forward buying and a new Russian export tax add uncertainty, which can keep Black Sea wheat offers firm and open the door for rival origins to win Asian business.
fastmarkets.comFastmarkets pricing teamJul 19, 2021After 182 past bullish policy events, Wheat (SRW) moved a median +0.1% over 5 sessions (52% higher; middle half -1.9% to +1.4%), and -0.3% over 20.
Not enough comparable past events yet for a historical read.
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.
