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USDA's July WASDE projects global wheat ending stocks for 2023/24 falling to 266.53 million tonnes, a fourth consecutive annual decline and the lowest in eight years. The stocks-to-use ratio is 33.3%, the lowest in nine years, and production was cut by 3.52 million tonnes.
Tightening global wheat stocks and a fourth year of consumption exceeding production support wheat prices and reduce the supply cushion for feed wheat buyers.
dtnpf.comCliff JamiesonJul 12, 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 180 past bullish report events, Wheat (HRW) moved a median +0.4% over 5 sessions (53% higher; middle half -2.1% to +3.7%), and -0.6% 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.
