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Wheat markets have rallied over recent weeks as frost and dryness cut crop prospects in major exporters, especially Russia. The IGC lowered its 2024 global wheat production forecast to 795 million tonnes from 798 million.
Consumption is expected to exceed 800 million tonnes, continuing the decline in world ending stocks.
Falling production against rising consumption draws down global stocks, which supports wheat prices and tightens feed wheat availability.
czapp.comJolyon HobbyMay 30, 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.
After 322 past bullish weather events, Wheat (HRW) moved a median -0.1% over 5 sessions (49% higher; middle half -2.5% to +3.2%), and +1.0% 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.
