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USDA raised its 2019/20 US wheat export estimate from 26.5 to 27.2 million metric tons, and U.S. Wheat Associates says the pace of shipments is on track. HRW exports are forecast at 10.6 MMT, 18% above last year, helped by low HRW prices that have since eased 4% to $226/MT FOB.
A larger export forecast tightens US wheat supplies and supports export basis, while low relative prices are attracting buyers into the final months of the marketing year.
uswheat.orgFeb 19, 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.
