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A Canadian grain columnist says Russia's grain output has grown 70 percent in ten years to 94.5 million tonnes and that Russia is set to overtake the EU as the top wheat exporter. He also notes Black Sea exports exceed 80 million tonnes per year and that South American beans are gaining easier port access.
Growing Black Sea export capacity adds supply competition for wheat and feed grains, which is generally bearish for world wheat and corn prices over time.
grainews.caBrian WittalFeb 8, 2017After 69 past bearish macro events, Wheat (SRW) moved a median -0.5% over 5 sessions (35% higher; middle half -2.6% to +0.8%), and -0.7% over 20.
After 301 past bearish macro events, Corn moved a median -0.1% over 5 sessions (47% higher; middle half -2.2% to +1.3%), and +0.2% 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.
