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Wheat markets drifted lower in the week to December 13 as trading thinned ahead of Christmas. USDA's December report produced little direction, with Argentine wheat cut to 19 Mmt and Australian wheat cut to 16.1 Mmt.
Russia's crop was estimated at 77.9 Mmt, and Russian wheat won a recent GASC tender.
A large Russian crop and plentiful 2019/20 supply cap European and world wheat prices, so the outlook stays bearish for wheat feed alternatives.
uk.cofcointernational.comNick MajorDec 13, 2019Not 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.
