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Russia's IKAR consultancy cut its 2024 wheat crop forecast to 81.8 million tonnes from 82.2 million and its grain crop forecast to 124.5 million tonnes. The main cause was crop damage in eastern Russia from waterlogged soil, and IKAR kept its 2024/25 wheat export forecast at 44 million tonnes.
A smaller Russian crop reduces the cheapest Black Sea export supply and supports global wheat prices, though unchanged export forecasts limit the upside.
admis.comADMIS Research TeamSep 27, 2024After 1,072 past bullish weather events, Wheat (SRW) moved a median +0.2% over 5 sessions (55% higher; middle half -1.4% to +2.3%), and +0.3% 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.
