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The IGC's May report raised its 2023-24 total grains production forecast by 3 million tonnes to a record 2.294 billion tonnes. Global soybean output is forecast up 9% to 403 million tonnes, while ending stocks are projected to tighten to 580 million tonnes as consumption grows faster.
Record global output pressures grain and oilseed prices, though tighter projected stocks limit the downside. The IGC's grains and oilseeds index fell 7% to a 23-month low on softer export prices.
world-grain.comArvin DonleyMay 22, 2023After 1,006 past bearish report events, Wheat (SRW) moved a median +0.0% over 5 sessions (50% higher; middle half -1.6% to +1.8%), and +0.3% over 20.
After 788 past bearish report events, Soybeans moved a median -0.3% over 5 sessions (47% higher; middle half -2.0% to +1.5%), and -0.9% over 20.
After 1,102 past bearish report events, Corn moved a median -0.2% over 5 sessions (47% higher; middle half -1.8% to +1.3%), and +0.0% over 20.
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.
