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Chinese purchases of wheat and corn have lifted Australian grain prices. Russian wheat crop estimates keep being revised downward, with some analysts calling 76.5Mt versus earlier expectations of over 80Mt, and Russian growers are reluctant to sell.
Chinese buying and a smaller Russian crop support world wheat and corn prices, while Australian rain and forecasts underpin domestic values.
theland.com.auAngus Groves, AwbJul 21, 2020After 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.
After 729 past bullish trade events, Corn moved a median +0.4% over 5 sessions (56% higher; middle half -1.1% to +1.8%), 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.
