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Global wheat futures fell after SovEcon raised its 2021 Russian wheat forecast by 3.1 Mt to 79.3 Mt. The IGC projected lower global barley production for 2021/22, which analysts say supports barley prices relative to other grains.
Chicago maize was supported by Chinese purchases of US corn.
A tighter projected 2021/22 global barley crop supports barley prices relative to wheat and corn, while a larger Russian wheat crop caps wheat upside.
ahdb.org.ukMar 18, 2021Not enough comparable past events yet for a historical read.
After 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 1,040 past bullish report events, Corn moved a median +0.5% over 5 sessions (62% higher; middle half -0.9% to +2.0%), 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.
Global wheat futures fell after SovEcon raised its Russian crop forecast, which pressured the broader grain complex and likely spilled over to barley, though lower IGC barley output estimates partly offset this.
