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USDA FAS lowered its Argentine wheat crop forecast to 16.8 million tonnes, 0.7 million below the official USDA figure. Saudi Arabia bought 484,000 tonnes of hard wheat for January shipment, and Black Sea corn and grain export flows were reported.
A smaller Argentine wheat crop and firm Saudi demand support wheat prices, while Ukrainian and Russian corn and grain availability keeps export competition and freight-driven pricing in focus for feed buyers.
grainsprices.comGate.BGOct 31, 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.
After 770 past neutral report events, Corn moved a median +0.2% over 5 sessions (54% higher; middle half -1.1% to +1.6%), and +0.7% over 20.
Not enough comparable past events yet for a historical read.
After 180 past bullish report events, Wheat (HRW) moved a median +0.4% over 5 sessions (53% higher; middle half -2.1% to +3.7%), and -0.6% 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.
