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AHDB reports London wheat futures firming, Chicago January soybeans hitting their lowest since November 12 before finding support, and ProAgro cutting Ukraine's 2020/21 grain export forecast by 1.1 Mt to 47.1 Mt. It also notes Australia is harvesting a bumper crop, with wheat forecast at 31.2 Mt and barley at 12.0 Mt, and that China's share of Australian barley exports has fallen since May 2020 amid trade disputes.
Australia's large barley and wheat crop, with China's purchases curtailed, adds supply to global feed grain markets and pressures barley and wheat prices, while Ukraine's lower export forecast gives some offsetting support.
mainsitelive.azurewebsites.netDec 9, 2020Not enough comparable past events yet for a historical read.
After 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.
