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Asian millers are buying large volumes of Argentine wheat for February to April arrival, with Indonesia booking close to 1 million tonnes. Argentine 12% protein wheat trades around $255-$265 per tonne C&F, versus about $300 for Australian grain, as a second year of drought cuts Australian output to an 11-year low.
Australia's drought removes a major Asian supplier during its peak export season, shifting demand to Argentina and supporting world wheat values. The price gap favours Argentine origin for Asian buyers.
ctrmcenter.comDr. Gary M. VaseyFeb 20, 2019After 1,072 past bullish weather events, Wheat (SRW) moved a median +0.2% over 5 sessions (55% higher; middle half -1.4% to +2.3%), 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.
