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Wheat futures turned lower on Feb. 1, 2021 while corn rose on strong export demand.
USDA confirmed private sales of 125,730 tonnes of corn to Mexico and 110,000 tonnes to Japan, and Russia was considering a formula-based export tax on wheat from June 1.
Confirmed corn export sales support corn demand, and Russia's planned export tax could tighten Black Sea wheat exports and lift global wheat prices later in the season.
brecorder.comReutersFeb 1, 2021After 318 past bullish policy events, Corn moved a median -0.1% over 5 sessions (48% higher; middle half -1.4% to +1.5%), and -0.2% over 20.
After 182 past bullish policy events, Wheat (SRW) moved a median +0.1% over 5 sessions (52% higher; middle half -1.9% to +1.4%), and -0.3% 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.
Wheat futures turned lower on Feb. 1 with Russia weighing a formula-based wheat export tax, but the reported 3-4 cent decline is far smaller than the -6.26% move, so it explains only part of the drop.
