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Wheat complex sentiment was negative in late October on improving Canadian harvest progress and weak weekly US export sales of 262,400 tonnes. Australia's wheat estimate of 15.5 million tonnes is well below the USDA's 18 million, and a 600,000 tonne Algerian purchase from France was noted.
Weak US export demand adds bearish pressure on US wheat, while the Australian shortfall supports global prices over the near term.
mainsitelive.azurewebsites.netOct 23, 2019After 375 past bearish trade events, Wheat (SRW) moved a median -0.2% over 5 sessions (47% higher; middle half -2.0% to +1.1%), and -0.1% over 20.
After 82 past bearish trade events, Wheat (HRW) moved a median -0.3% over 5 sessions (48% higher; middle half -2.8% to +1.9%), and +0.1% 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.
