Loading…
U.S. Wheat Associates reported that USDA forecasts 2020/21 U.S. wheat export sales of 26.8 MMT, 2% above 2019/20 and 7% above the five-year average. Commercial sales through December 24 were 9% ahead of last year at 20.6 MMT, led by hard red winter, with strong sales to Nigeria and China and weaker sales to Mexico.
Strong export commitments draw down U.S. supplies and support wheat prices, while weaker Mexican HRW demand is a bearish offset for HRW. Feed buyers should watch wheat's relative value against corn.
uswheat.orgJan 7, 2021After 102 past bullish trade events, Wheat (HRW) moved a median 0.0% over 5 sessions (49% higher; middle half -2.0% to +3.5%), and -1.4% over 20.
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.
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.
