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Global wheat ending stocks for 2021/22 are seen at 275.8 million tonnes, the lowest since 2016/17, with the ex-China stocks-to-use ratio at 21%. Global output was cut to about 775 million tonnes on poorer crops in Russia, Canada and the US.
Prices are expected to trend lower through 2022/23 as plantings and yields recover.
Tight 2021/22 supplies support current prices, but higher US plantings and global output growth in 2022/23 should pressure wheat prices lower over the coming year.
ukragroconsult.comDec 14, 2021After 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.
