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Hard red wheat futures closed with double-digit gains on March 5, with KC futures up 1.7% to 3.9%. Weekly US wheat export inspections fell to 353,137 MT from 482k MT the prior week.
Russia's SovEcon raised its February wheat shipment estimate to 3.8 MMT.
Lower US export inspections are bearish for demand, but the sharp HRW rally reflects short-term technical buying. Russia's export pace remains a key competitive factor for prices.
ibestmedia.comMar 5, 2024Not enough comparable past events yet for a historical read.
Not enough comparable past events yet for a historical read.
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.
