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ICAR cut its 2021 Russian wheat production forecast to 79.5 million tonnes from 81 million, citing poor-condition wheat in central regions. Russian wheat exports are at record levels, and UkrAgroConsult forecasts a record Black Sea sunseed crop of 39.7 million tonnes in 2021/22.
Ukrainian wheat exports are 82% of their potential for the season.
A smaller Russian wheat crop tightens the outlook for the world's largest exporter and supports wheat prices. A record sunseed crop will add to sunflower meal supply, which is bearish for that feed protein.
grainsprices.comGate.BGApr 22, 2021After 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.
Not enough comparable past events yet for a historical read.
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.
