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Egypt, the world's largest wheat buyer, rejected three wheat cargoes from Russia and Argentina at origin for quality issues, the first rejections under its new inspection system. Egypt has also increased purchases to its highest level for this time of year since 2012-13 and is working to double state reserves ahead of its April harvest.
Strong Egyptian stockpiling buying supports wheat export prices, while quality rejections could tighten available supply of acceptable cargoes.
agcanada.comAGCanadaMar 18, 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 102 past bullish trade events, Wheat (HRW) moved a median 0.0% over 5 sessions (49% higher; middle half -2.0% to +3.5%), and -1.4% 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.
