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The National Bank of Australia forecasts Australian wheat at 18.7 million tonnes, 2.8 million below USDA. South Africa's wheat imports are forecast to double on drought, Japan tendered for 132,390 tonnes of wheat, and Iraq confirmed a 500,000-tonne US wheat purchase.
Import demand from South Africa, Japan and Iraq combined with a smaller Australian crop supports world wheat prices and US export sales.
grainsprices.comGate.BGNov 8, 2017After 769 past bullish report events, Wheat (SRW) moved a median +0.2% over 5 sessions (53% higher; middle half -1.4% to +2.0%), and +0.2% 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.
