Loading…
USDA raised 2023/24 U.S. wheat exports by 25 million bushels to 725 million, mainly on large recent sales of soft red winter wheat to China. SRW exports were raised 30 million bushels to 175 million, the largest since 2013/14.
Global wheat supplies were raised 1.3 million tons on higher Australian and Canadian output.
Stronger export demand for SRW wheat, especially from China, reduces U.S. ending stocks and supports wheat prices. Higher global supply partly offsets this.
kfgo.comRusty HalvorsonDec 8, 2023After 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 770 past neutral report events, Corn moved a median +0.2% over 5 sessions (54% higher; middle half -1.1% to +1.6%), and +0.7% 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.
