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The March USDA report raised global wheat production by 2.68 million tonnes, driven by larger Australian and Argentine crops. Global consumption was lifted by India's higher import estimate of 5.5 million tonnes, and the market fell only slightly as the changes were largely expected.
Higher global production and stocks are bearish for wheat prices, though strong Indian import demand partly offsets the supply increase.
stockandland.com.auMalcolm Bartholomaeus, Market AnalystMar 14, 2017After 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.
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.
