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Analysts expect brisk EU wheat exports at the start of the July season, helped by competitive prices from Romania, Bulgaria, Germany, Poland and the Baltic states. A Russian export levy is complicating Russian pricing, which could shift demand to the EU.
A larger EU crop is also forecast after recent showers and heat.
A bigger EU harvest and competitive origin prices increase available supply and could cap wheat price gains. Shifting demand away from Russia partly offsets this by supporting EU export business.
brecorder.comReutersJun 19, 2021After 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.
