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US wheat futures fell on technical selling and on worries about trade with Mexico, the top importer of US wheat. President Trump had threatened a tariff on all Mexican goods starting at 5%, and CBOT wheat still rose 3.1% for the week.
Declines were limited by concerns that heavy rain in the Plains was lowering the quality of the hard red winter crop.
The threat of Mexican tariffs puts US wheat export demand at risk, which pressures prices. Quality losses in the Plains crop limit the downside for feed-grade wheat.
brecorder.comRecorder ReportJun 3, 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.
