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Japan banned Canadian wheat imports last Friday after genetically modified wheat was found growing in Alberta, with South Korea also restricting imports. Japan bought 1.4 million tonnes of Canadian wheat last year, versus about 245,000 tonnes for South Korea.
Barley prices fell sharply to about $4.50 per bushel after recent rains eased crop concerns.
Losing Japan's demand may eventually push more Canadian wheat into feed channels, which is bearish for feed wheat prices, though traders see little effect so far; barley weakness reflects improved moisture.
grainews.caGFM Network NewsJun 21, 2018
manitobacooperator.caGFM Network News, Terry FriesJun 21, 2018Not enough comparable past events yet for a historical read.
After 82 past bearish trade events, Wheat (HRW) moved a median -0.3% over 5 sessions (48% higher; middle half -2.8% to +1.9%), and +0.1% over 20.
After 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.
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.
