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UK wheat futures for May 2020 closed at £153.00/t on January 29, slightly lower as traders assessed the coronavirus outbreak and strikes at French ports added pressure on EU markets. Russia's Agriculture Ministry estimated its 2020 grain crop at 125.3Mt, up from 120.7Mt in 2019.
The article also discusses whether to carry old crop into the new marketing year amid poor drilling conditions in the UK.
A larger Russian crop estimate and weaker EU export demand add bearish pressure on European wheat, while port strikes disrupt flows.
ahdb.org.ukJan 30, 2020Not enough comparable past events yet for a historical read.
After 137 past bearish logistics events, WHEAT moved a median -0.3% over 5 sessions (44% higher; middle half -2.2% to +1.0%), and +0.0% 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.
