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Saudi Arabia's grain agency SAGO will raise its maximum bug-damage threshold for wheat imports from zero to 0.5 percent, opening its tenders to Black Sea origins such as Russia, Romania, Bulgaria and Ukraine. The Kingdom typically imports 3.0-3.5 million tonnes of wheat a year.
Access to a major importer for Black Sea wheat increases competition among origins and supports Black Sea export demand. Russian feed-quality wheat is already tight, which could firm prices for feed wheat.
graincentral.comGuest AuthorAug 13, 2019After 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.
After 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.
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.
