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Wheat futures finished 2018 lower after reports that Russia may offer rail subsidies to move eastern wheat to southern ports, with Minneapolis contracts hitting new contract lows. Prices rebounded in early January on technical buying, and Argentina's wheat harvest faced quality concerns from heavy rains.
US wheat export inspections for 2018-19 were 13 percent below a year earlier.
Russian export logistics support and weak US export pace keep wheat supplies ample and prices subdued, which lowers the cost of wheat as a feed grain option.
agweek.comRay Grabanski, Progressive AgJan 6, 2019After 137 past bearish logistics events, Wheat (SRW) moved a median -0.3% over 5 sessions (44% higher; middle half -2.2% to +1.0%), and +0.0% over 20.
After 11 past bearish logistics events, Wheat (HRW) moved a median -0.3% over 5 sessions (45% higher; middle half -2.8% to +0.9%), and +0.4% 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.
