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U.S. wheat futures fell for a third straight day on October 18 on plentiful global supply and strong competition from Russia. U.S. Wheat Associates is closing its Cairo office after about 40 years, reflecting lost market share in Egypt, the world's top wheat importer, which has been sourcing mostly from Russia.
Losing Egyptian business to Russian wheat, combined with a firm dollar, weakens U.S. export demand and keeps wheat and related feed grain prices under pressure.
country-guide.caJulie IngwersenOct 18, 2017After 375 past bearish trade events, WHEAT 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, KWHEAT moved a median -0.3% over 5 sessions (48% higher; middle half -2.8% to +1.9%), and +0.1% over 20.
After 683 past bearish trade events, CORN moved a median -0.2% over 5 sessions (47% higher; middle half -1.7% to +1.6%), and +0.3% 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.
