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U.S. wheat futures fell to a near two-month low as plentiful global stockpiles and coronavirus-related demand weakness weighed on prices. The USDA projected record 2020/21 global wheat stocks of 310.12 million tonnes.
Corn and soybeans also slipped.
Record projected global wheat stocks signal ample supply and weaker export demand, which pressures wheat and feed-grain prices. Buyers can expect cheap grain to persist while stocks stay high.
financialpost.comReutersMay 14, 2020After 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 1,102 past bearish report events, Corn moved a median -0.2% over 5 sessions (47% higher; middle half -1.8% to +1.3%), and +0.0% over 20.
After 788 past bearish report events, Soybeans moved a median -0.3% over 5 sessions (47% higher; middle half -2.0% to +1.5%), 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.
