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Egypt's tender price for French wheat was $8-10/t lower than the prior auction, and Chicago March futures fell to an annual low. US wheat did not take part in the tender, and the USDA acreage forecast showed 2019 US wheat area down about 604,000 acres.
Paris and Minneapolis futures also declined.
Lower tender prices from a major importer set a lower benchmark for world wheat, pressuring export values globally. The absence of US supply in Egypt's tender signals weak US competitiveness.
graintrade.com.uaFeb 21, 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.
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.
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.
