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The International Grains Council cut its 2024/25 world wheat production forecast by 2 million tons to 796 million, with EU output lowered to 120.3 million tons. It raised world corn slightly to 1.225 billion tons but trimmed soybeans by 2 million tons on a smaller US crop.
A smaller world wheat crop tightens export supplies and supports wheat prices, while the soybean cut adds modest support to meal. The corn change is too small to move prices much.
globalbankingandfinance.comJessica Weisman-PittsNov 21, 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 747 past bullish report events, Soybeans moved a median +0.3% over 5 sessions (54% higher; middle half -1.4% to +2.1%), 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.
