Loading…
Chinese reports of no new domestic COVID-19 cases and rumours of Chinese buying of US HRW and HRS wheat lifted the Kansas HRW market by 30 cents/bu. Panic stockpiling raised short-term wheat demand, while Russia and Saudi Arabia's dispute crushed oil and rouble values.
Expected Chinese purchases and short-term stockpiling support U.S. wheat demand, while the oil slump weakens ethanol and energy-linked feed input values.
czapp.comJolyon HobbyMar 19, 2020After 102 past bullish trade events, KWHEAT moved a median 0.0% over 5 sessions (49% higher; middle half -2.0% to +3.5%), and -1.4% over 20.
After 431 past bullish trade events, WHEAT moved a median +0.0% over 5 sessions (50% higher; middle half -1.3% to +2.1%), and +0.5% over 20.
After 80 past bearish trade events, WTI moved a median -2.2% over 5 sessions (30% higher; middle half -6.9% to +0.8%), and -1.5% over 20.
After 56 past bearish trade events, BRENT moved a median -5.6% over 5 sessions (20% higher; middle half -9.0% to -1.7%), and -4.5% 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.
On 3/19, rumours of Chinese buying and panic stockpiling lifted Kansas HRW by 30 cents/bu, a major contributor to the weekly gain.
