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The IGC cut its global wheat production forecast by 1 million tons to 788 million tons and lowered final stocks by 3 million tons. Russia's Hydrometeorological Center reduced its grain crop forecast by 11 million tons to 121 million tons.
Chicago, Kansas City and Minneapolis wheat futures rose by about $5-6 per ton.
Downgrades from the IGC and Russian forecasters reduce export supply, supporting wheat prices and raising the cost of wheat used in feed rations.
graintrade.com.uaJul 30, 2021After 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.
After 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.
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.
