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The IGC cut its 2024/25 global wheat production estimate to 799 million mt, two million lower than in June, and carry-out stocks fell three million mt to 266 million mt. CBOT SRW, KC HRW and Minneapolis HRS futures all closed the week lower, and FOB cash values had dropped toward July 2020 levels.
Tighter stocks for a second straight year are supportive, but the sharp price decline shows the market is still well supplied, which keeps feed wheat competitively priced against corn.
saskwheat.caAug 19, 2024Not enough comparable past events yet for a historical read.
Not enough comparable past events yet for a historical read.
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.
