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USDA's December WASDE cut projected 2018/19 U.S. hard red winter wheat exports from 360 to 320 million bushels, while raising Russian wheat exports by 55 million bushels. HRW export sales were running 36 percent below the prior year.
Lower U.S. HRW export projections and extra Russian supply add competition in world markets, which pressures HRW and wheat prices.
farmprogress.comKim AndersonDec 18, 2018After 138 past bearish report events, Wheat (HRW) moved a median +0.0% over 5 sessions (50% higher; middle half -2.9% to +2.4%), and +0.5% over 20.
After 1,006 past bearish report events, Wheat (SRW) moved a median +0.0% over 5 sessions (50% higher; middle half -1.6% to +1.8%), and +0.3% 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.
