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South Korea's Nonghyup Feed bought 65,000 mt of new crop Black Sea feed wheat at $208/mt CFR, and Major Feed bought 68,000 mt at $209.90/mt CFR. This follows earlier purchases by the Philippines and Thailand.
Chicago July wheat futures have fallen 8% since February 21.
Steady Asian buying of cheap Black Sea feed wheat supports export demand and sets a low price floor for feed grain buyers. Competition from cheap wheat pressures corn-based feed costs.
spglobal.comTakmila ShahidMar 13, 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 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.
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.
