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An analysis piece says global wheat supply is abundant, with USDA's November report showing offsetting production changes across major exporters. UK wheat is estimated at 16.3 million tonnes amid wet autumn weather, and Russia's sluggish exports continue.
Record global wheat ending stocks cap price rallies, and only a US-China trade deal or wet-weather damage to UK crops would be likely to add meaningful demand or supply pressure.
fwi.co.ukAndrew MeredithNov 20, 2019After 69 past bearish macro events, Wheat (SRW) moved a median -0.5% over 5 sessions (35% higher; middle half -2.6% to +0.8%), and -0.7% over 20.
After 50 past neutral macro events, Soybeans moved a median -0.3% over 5 sessions (48% higher; middle half -2.2% to +1.3%), and -0.8% 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.
