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China bought 1.01 million tonnes of US soft red winter wheat in the week, bringing marketing-year purchases to 1.8 million tonnes, the highest since 2020. Statistics Canada raised its wheat production estimate to 31.95 million tonnes, above expectations, which weighed on Minneapolis spring wheat.
Durum output fell 30%.
Chinese purchases support US wheat export demand and Chicago prices. Larger Canadian supplies, especially spring wheat, pressure Minneapolis prices.
agweek.comRandy MartinsonDec 15, 2023After 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 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.
