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Wheat fell back to finish the week of October 7, 2022 after briefly approaching $9/bu, as slow US export demand and a strong dollar reversed gains from a USDA cut to US ending stocks. Ukrainian grain exports picked up, and US wheat was priced well above Black Sea origins in tenders.
Low Mississippi River levels slowed barge traffic and pressured US corn.
Uncompetitive US wheat pricing and low river levels limit export flows, pressuring wheat and corn prices, while cheaper Black Sea feed grains draw buyers away from US supply.
mecardo.com.auNick BoothOct 7, 2022After 137 past bearish logistics events, Wheat (SRW) moved a median -0.3% over 5 sessions (44% higher; middle half -2.2% to +1.0%), and +0.0% over 20.
After 359 past bearish logistics events, Corn moved a median -0.3% over 5 sessions (44% higher; middle half -1.5% to +1.5%), and -0.5% over 20.
Not enough comparable past events yet for a historical read.
After 2,577 past bullish events of any kind, US Dollar (Broad) moved a median +0.2% over 5 sessions (60% higher; middle half -0.3% to +0.7%), and +0.4% 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.
