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Turkey resumed imports of Russian wheat and revoked its duty on sunflower oil imports. Algeria bought at least 50,000 tonnes of new-crop soft wheat at $198-198.5/mt, and China auctioned 2.139 million tonnes of 2013-crop corn at an average $199.64/mt.
Turkish reopening to Russian wheat and the lower sunflower oil duty add import demand, while Chinese state corn auctions add supply, a mixed picture for grain prices.
grainsprices.comGate.BGMay 12, 2017After 431 past bullish trade events, Wheat (SRW) moved a median +0.0% over 5 sessions (50% higher; middle half -1.3% to +2.1%), and +0.5% 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.
After 224 past bullish trade events, Soybean Oil moved a median +0.4% over 5 sessions (54% higher; middle half -1.5% to +2.1%), and -0.5% 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.
