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China reportedly made the first purchase of Australian wheat for the current campaign, surprising the market. Aussie cash prices have rallied, and Chicago wheat pushed to 570 for March after the US-China phase 1 deal, while coronavirus fears add a risk-off tone.
Australian sorghum prices are at record levels amid a lack of planting rains.
Chinese buying of Australian wheat and the phase 1 deal support export demand, but coronavirus-driven risk-off sentiment and Black Sea cash weakness cap gains.
theland.com.auJames MassinaJan 28, 2020After 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.
Not enough comparable past events yet for a historical read.
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.
