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Chicago wheat fell as much as 3.3% to $5.85 3/4 a bushel, its lowest in almost eight weeks, after Australia raised its wheat crop estimate 8% to 31.2 million tons. Russia also proposed easing its planned 2021 grain export curbs, with shippers saying supply is adequate.
Soybeans and corn also declined after South American rain.
A larger Australian crop and looser Russian export limits add supply to the world wheat market, weighing on wheat and feed-grain prices. Dry South American conditions limit how far the decline can go.
airfreight.newsBloombergNov 30, 2020After 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.
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.
After 803 past bearish trade events, Soybeans moved a median +0.0% over 5 sessions (51% higher; middle half -1.7% to +1.7%), and +0.9% 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.
