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The Sask Wheat weekly outlook from Exceed Grain Marketing reports that the IGC raised its 2020/21 global wheat production estimate by 2 million tonnes to 768 million tonnes, a 6 million tonne increase over last year. Improved outlooks for Australia and China more than offset other declines.
Higher world wheat output and larger Australian and Chinese crops add supply that tends to weigh on export prices and basis for wheat buyers.
saskwheat.caJun 29, 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.
