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Domestic Australian grain bids fell across all port zones as global markets declined. Egypt's wheat tender drew nearly two million tonnes of mostly Russian offers and secured cargoes from Ukraine and Romania at sharply lower prices.
USDA projected US corn stocks rising 17% to over 64 million tonnes in 2024/25.
Heavy Black Sea supplies and a projected large US corn carryout point to continued downward pressure on feed grain prices. Low tender prices signal weak export demand from importers.
queenslandcountrylife.com.auLloyd George, Ag ScientiaFeb 25, 2024After 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.
After 1,102 past bearish report events, Corn moved a median -0.2% over 5 sessions (47% higher; middle half -1.8% to +1.3%), and +0.0% over 20.
Not 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.
Egypt's tender securing sharply lower-priced Russian, Ukrainian and Romanian wheat signals ample export supply and weak price levels, pressuring global wheat benchmarks.
