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Western Australian analyst Malcolm Bartholomaeus says CBOT wheat held most of its post-USDA gains, with a midweek spike to over 550 cents per bushel driven by reported Egyptian purchases of Russian wheat at prices about US$8 per tonne higher. Prices then gave back half of those gains by week's end.
Higher Russian wheat prices paid by Egypt indicate firming global wheat values, though the failure to build on the spike leaves the outlook uncertain.
farmweekly.com.auMalcom Bartholomeaus, Market Analyst, Bartholomaeus ConsultingJul 25, 2020Not enough comparable past events yet for a historical read.
Not enough comparable past events yet for a historical read.
Not enough comparable past events yet for a historical read.
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.
