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U.S. wheat futures rose about 3% on March 1 after Egypt's GASC bought 535,000 tonnes of wheat in an international tender, its largest purchase since January 2014. Corn and soybeans also rose on fund buying, and dry Plains weather added support.
A large Egyptian purchase signals strong import demand and supports wheat prices, especially for EU and K.C.-type wheat.
grainews.caGFM Network NewsMar 1, 2017
manitobacooperator.caGFM Network News, Julie IngwersenMar 1, 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 696 past bullish trade events, Soybeans moved a median +0.3% over 5 sessions (54% higher; middle half -1.3% to +1.9%), and +0.7% over 20.
After 729 past bullish trade events, Corn moved a median +0.4% over 5 sessions (56% higher; middle half -1.1% to +1.8%), 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.
