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US Wheat Associates said China bought 12.5 million bushels of hard red winter wheat, its largest sale since retaliatory tariffs in March 2018, and then bought another 17.8 million bushels for current and next marketing years. Domestic demand for bread, flour and pasta has also risen.
Large Chinese purchases and stronger US retail demand tighten exportable wheat supplies and support HRW prices, though the sustainability of the demand spike is uncertain.
brownfieldagnews.comMar 30, 2020After 102 past bullish trade events, Wheat (HRW) moved a median 0.0% over 5 sessions (49% higher; middle half -2.0% to +3.5%), and -1.4% over 20.
After 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.
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.
