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Chicago wheat futures fell 2.0% and Paris milling wheat fell 4.0% in the week to March 1, pressured by Black Sea competition. Chicago maize rose 2.7% on bargain buying and short covering.
China bought over 20 feed grain cargoes in two weeks, and Iran's SLAL issued tenders for maize, barley and soymeal.
Chinese and Iranian feed purchases provide demand support that could limit global grain price losses. Heavy Black Sea and South American supplies continue to cap prices.
ahdb.org.ukMar 4, 2024After 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 480 past neutral trade events, Corn moved a median +0.2% over 5 sessions (54% higher; middle half -1.1% to +1.6%), and +0.7% over 20.
Not enough comparable past events yet for a historical read.
After 224 past neutral trade events, Soybean Meal moved a median -0.2% over 5 sessions (43% higher; middle half -1.7% to +1.2%), 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.
Chicago maize gained on bargain buying and short covering, with Chinese feed grain purchases adding demand support.
