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Paris milling wheat December futures fell 1.5 €/t after a sharp rally on the Russian export news. US HRW, HRS and SRW December futures also dropped by $2.5 to $3/t.
Statistics Canada is due to report a 2018 wheat forecast of 30.6 million tons, below USDA's August estimate of 32.5 million tons.
The price correction reflects a view that markets are oversold, while a smaller Canadian crop would tighten supplies. Feed buyers should expect volatile wheat prices until the Canadian and Russian data are published.
graintrade.com.uaAug 31, 2018Not enough comparable past events yet for a historical read.
Not enough comparable past events yet for a historical read.
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.
