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Russian wheat exports are at a record pace as shipments are rushed ahead of new export fees. Russian supply draws business away from US and EU wheat, and US and European wheat futures fell in early February.
A heavy Russian export pace adds supply to world markets and pressures wheat prices, including US hard red and soft red wheat.
graintrade.com.uaFeb 2, 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.
After 82 past bearish trade events, Wheat (HRW) 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.
