
Euronext wheat edged down after a higher-than-expected USDA estimate of the 2017/18 US wheat crop, including a spring wheat estimate at the high end of forecasts. Algeria booked 480,000 tonnes in a tender, with French wheat seen facing little competition.
Algeria's sizeable purchase supports European wheat export demand, partly offsetting bearish US production news that weighs on futures.
After 206 past neutral trade events, Wheat (SRW) moved a median +0.1% over 5 sessions (53% higher; middle half -1.3% to +1.6%), and +0.5% over 20.
After 20 past neutral trade events, Wheat (HRW) moved a median -0.7% over 5 sessions (30% higher; middle half -4.1% to +1.4%), and -4.0% 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.
Euronext wheat fell after the higher-than-expected USDA US wheat crop estimate, showing the bearish supply surprise was transmitted globally, though the Algeria tender gave partial support.