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A USDA Foreign Agricultural Service attaché report says Ukraine's 2023/24 marketing year has ended for wheat, barley and rye but is still ongoing for corn. Black Sea ports kept exports slightly above the prior year, which drew ending stocks down to low levels.
The EU remains the main destination.
Low Ukrainian ending stocks tighten the outlook for exportable supply of wheat and corn, which is mildly bullish for prices.
fas.usda.govAug 13, 2024After 769 past bullish report events, Wheat (SRW) moved a median +0.2% over 5 sessions (53% higher; middle half -1.4% to +2.0%), and +0.2% 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.
