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Canada has an opening to ship more spring wheat to Asia because US grain elevators are congested with record soybean exports, which reached 11.42 million tonnes in the first seven weeks of the marketing year. Analysts expect the US capacity squeeze to persist through January.
Soybean export congestion squeezes US wheat logistics and redirects Asian demand toward Canadian wheat, supporting spring wheat and soybean export prices.
producer.comSean PrattOct 29, 2020After 283 past bullish logistics events, Wheat (SRW) moved a median -0.2% over 5 sessions (46% higher; middle half -1.4% to +1.3%), and -0.1% over 20.
After 206 past bullish logistics events, Soybeans moved a median +0.5% over 5 sessions (56% higher; middle half -1.3% to +2.6%), and +1.4% 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.
