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Chicago wheat fell almost 3 percent on July 17, 2020 after weak US export sales undercut rumours of Chinese SRW purchases. Soybeans gained on a flash sale of 522,000 tonnes to China, and USDA weekly export sales showed wheat at 764,000 tonnes, corn at 1.6 Mt and soybeans at 1.1 Mt.
Crude oil, the Australian, Canadian and euro currencies also moved lower against the dollar.
Disappointing wheat demand and only modest corn and soybean export figures weigh on grain prices, while the China soybean purchase supports the bean market.
graincentral.comGuest AuthorJul 17, 2020After 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 696 past bullish trade events, Soybeans moved a median +0.3% over 5 sessions (54% higher; middle half -1.3% to +1.9%), and +0.7% over 20.
After 480 past neutral trade events, Corn moved a median +0.2% over 5 sessions (54% higher; middle half -1.1% to +1.6%), and +0.7% 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.
