
Ukraine and Russia exported a record 2.76 million tonnes of wheat to Asia in August 2017, over 40% of their total exports. Ukraine had shipped 7.77 million tonnes of grain since the start of the 2017/18 marketing year, slightly below last year.
Record Black Sea wheat flows into Asia point to strong export competition and ample supply, which is bearish for world wheat prices. Asian buyers are also favoring cheaper origin wheat.
After 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.