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Russian wheat prices have risen in recent weeks, with export tenders winning into key markets at higher levels. Russia subsidized domestic rail freight to move grain to export terminals, and China may have bought 2 to 3 million tonnes of US hard red winter wheat.
Tighter Russian supply and Chinese demand for higher-quality wheat support global wheat prices and US hard red winter values. Subsidized rail freight may extend Russian export flows and cap some of the upside.
farmonline.com.auMalcolm BartholomaeusJan 20, 2019After 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 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.
Published Jan 20 just before the move, it reported rising Russian wheat prices and possible Chinese purchases of 2-3 million tonnes of US HRW, which point to firmer export demand and supply tightness.
