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Asian corn buyers are broadening supply sources to the Black Sea and South Africa, while feed wheat from Ukraine trades $45 a tonne below Ukrainian corn for nearby shipment. South Korea's feed group bought 65,000 tonnes of Black Sea corn in the week through July 2, and China was rumored to be buying Ukrainian corn.
Feed wheat's price advantage over corn is pulling demand away from corn toward wheat, which weighs on corn export values while supporting wheat demand in feed markets.
ukragroconsult.comJul 15, 2021
fastmarkets.comFastmarkets pricing teamJul 14, 2021Not enough comparable past events yet for a historical read.
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.
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.
