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The IGC raised its 2019-20 world wheat production estimate by 3 million tonnes to 762 million, with Russia's crop rising to 79.5 million tonnes. Dry weather in parts of the EU could still cut yields, while US spring sowing lags after flooding.
A large Russian crop points to ample wheat supplies and lower feed wheat prices, while EU dryness and US planting delays are the main upside risks.
fwi.co.ukAndrew MeredithApr 26, 2019After 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 770 past neutral report events, Corn moved a median +0.2% over 5 sessions (54% higher; middle half -1.1% to +1.6%), and +0.7% over 20.
After 53 past bullish report events, US Dollar (Broad) moved a median +0.1% over 5 sessions (51% higher; middle half -0.4% to +0.5%), and +0.5% 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.
IGC raised world wheat output and Russia's crop estimate, a bearish supply backdrop that weighed on prices.
