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Rabobank said short-term support for world wheat futures reflects tighter fundamentals, and called Russia's record July-September exports of 13.8 million tonnes unsustainable. USDA's October Wheat Outlook cut projected global wheat feed use, with a switch to corn feeding where wheat is priced high.
Expected slowing or restriction of Russian exports would shift demand to U.S., Argentine and EU supplies, supporting wheat prices and reducing feed-wheat use in favor of corn.
world-grain.comChris LyddonNov 12, 2018After 769 past bullish report events, Wheat (SRW) moved a median +0.2% over 5 sessions (53% higher; middle half -1.4% to +2.0%), and +0.2% over 20.
After 1,040 past bullish report events, Corn moved a median +0.5% over 5 sessions (62% higher; middle half -0.9% to +2.0%), and +0.8% over 20.
After 180 past bullish report events, Wheat (HRW) moved a median +0.4% over 5 sessions (53% higher; middle half -2.1% to +3.7%), and -0.6% 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.
