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The International Grains Council conference heard that the 2022-23 world wheat production outlook has deteriorated sharply, with the market very sensitive to news ahead of the Northern Hemisphere harvest. Export prices had reached records earlier in 2022 and were just below 2008 crisis levels, and the IGC flagged shortage and unrest fears in vulnerable countries.
A weaker production outlook and high sensitivity to news support wheat prices and raise import costs for feed-grain buyers, especially in vulnerable markets.
world-grain.comChris LyddonJun 29, 2022After 769 past bullish report events, WHEAT moved a median +0.2% over 5 sessions (53% higher; middle half -1.4% to +2.0%), and +0.2% over 20.
After 1,040 past bullish report events, CORN moved a median +0.5% over 5 sessions (62% higher; middle half -0.9% to +2.0%), and +0.8% 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.
