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The Sask Wheat weekly outlook reports the International Grains Council raised its August estimate of world wheat production by 1 million tonnes to 763 million tonnes, about one million tonnes above the prior year. The report also notes trade estimates changed alongside production.
A larger world wheat crop adds supply pressure on export prices, which keeps benchmark bids for Canadian and other wheat under pressure.
saskwheat.caAug 31, 2020After 138 past bearish report events, Wheat (HRW) moved a median +0.0% over 5 sessions (50% higher; middle half -2.9% to +2.4%), and +0.5% over 20.
After 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.
