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Grain Price News reports that Chicago SRW wheat held near two-month lows after USDA raised its world wheat stock forecast by 280,000 tonnes to 267.8 million. US ending stocks were cut to 571 million bushels, the lowest in 15 years.
Argentina's crop was lowered 2 million tonnes to 15.5 million.
The world stock upgrade from larger Australian and UK crops outweighs the tighter US and Argentine figures, keeping wheat under pressure. Lower Argentine output limits how far prices can fall.
grainpricenews.comMike VerdinNov 9, 2022After 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.
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.
