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USDA reported Chinese buyers purchased 340,000 metric tons (about 12.5 million bushels) of US hard red winter wheat for 2020/21 delivery, the first large step toward filling China's wheat tariff-rate quota. US Wheat Associates said further purchases were rumored.
Chinese buying under the Phase One deal draws down US exportable HRW supplies and supports prices, while the TRQ commitment points to further demand.
northernag.netbyMar 23, 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.
