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Wheat prices fell 5-6.5% after expectations of a global economic slowdown hit stock markets and commodities, with palm oil futures down 10% on Monday. US spring wheat planting advanced and US winter wheat harvest reached 25% of area.
SovEkon raised its 2022 Russian wheat production forecast by 0.6 million tons to a record.
Faster US harvesting and a higher Russian crop forecast increase export supply, pressuring wheat and palm oil prices lower.
ukragroconsult.comJun 22, 2022After 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 96 past bearish report events, Palm Oil moved a median -0.1% over 5 sessions (48% higher; middle half -1.3% to +1.6%), and -0.9% over 20.
After 171 past bearish report events, Crude Oil (WTI) moved a median -1.5% over 5 sessions (37% higher; middle half -4.8% to +1.9%), and -0.9% 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.
