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The May WASDE projected 2020 world wheat ending stocks at a record 310.1 million tonnes, above expectations of 292.7 million, and US 2020 wheat ending stocks at 909 million bushels versus 818 million expected. Old-crop US wheat stocks were 978 million bushels, slightly above expectations.
Record global wheat stocks for a third straight year and a larger-than-expected US carryout weigh on wheat prices, with the corn and soybean balance sheets also in focus.
agweek.comRandy MartinsonMay 17, 2020After 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.
After 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 770 past neutral report events, Corn moved a median +0.2% over 5 sessions (54% higher; middle half -1.1% to +1.6%), and +0.7% 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.
May WASDE projected record world wheat ending stocks (310.1 mmt vs 292.7 expected) and US 2020 ending stocks far above expectations, a bearish supply surprise that plausibly triggered the selloff.
