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USDA's weekly Grain Transportation Report shows total grain export inspections for the week ending November 21 rose 12% to 3.08 million mt, with soybean inspections up 26% and over 70% bound for China. Brazil implemented an annual duty-free wheat TRQ of 750,000 mt, which USTR and USDA welcomed.
Strong soybean export inspections support US soy basis and futures, while Brazil's wheat TRQ could redirect some South American wheat trade and shift US wheat export volumes and port usage.
doi.orgNov 27, 2019Not enough comparable past events yet for a historical read.
After 406 past neutral report events, Wheat (SRW) moved a median -0.2% over 5 sessions (47% higher; middle half -1.6% to +1.5%), and +0.0% over 20.
After 747 past bullish report events, Soybeans moved a median +0.3% over 5 sessions (54% higher; middle half -1.4% to +2.1%), and +0.8% 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.
