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CBOT wheat futures fell nearly 10% in about a week as fund selling intensified and investors doubted the USDA's US wheat export forecast. Stronger Russian shipments and slower import demand from some major buyers added to the pressure.
Local Australian feed wheat bids also dropped sharply.
Doubts about US export pace and Russian competition push US wheat to some of the cheapest levels globally, which supports a bearish outlook for feed wheat costs. Lower futures feed into lower cash bids for feed buyers.
theland.com.auLloyd George, Ag ScientiaFeb 27, 2019After 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.
