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ING expects global wheat markets to tighten in 2022/23, with ending stocks near 268 million tonnes, the lowest since 2016/17. Ukrainian output fell to about 20 million tonnes and exports are down roughly 42%, though Russia is forecast to produce a record crop above 90 million tonnes.
Tightening global stocks and reduced Ukrainian export capacity support wheat prices through 2023, though record Russian supply limits the upside.
think.ing.comWarren PattersonNov 30, 2022After 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.
