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Asian flour millers have booked up to 1 million tonnes of new-crop Black Sea wheat for August shipment, according to traders. The buying is driven by a wider price spread against Australian wheat as Australia faces a second drought year.
Stronger Asian demand for Black Sea wheat tightens export supply and supports world wheat prices, while Australian supply concerns add upward pressure.
cnbc.comNaveen ThukralMay 23, 2018After 431 past bullish trade events, Wheat (SRW) moved a median +0.0% over 5 sessions (50% higher; middle half -1.3% to +2.1%), and +0.5% 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.
