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Russia is estimating a record 83-87 million tonne wheat crop for 2020 versus 73.5 million in 2019, and India a potential record 106 million tonnes. US wheat plantings are estimated at 45 million acres, the smallest since 1919, while COCERAL forecasts the EU soft wheat crop at 137.9 million tonnes versus 145.7 million a year earlier.
Coronavirus fears are also weighing on wheat demand.
Record Russian and Indian crops add to global supply and pressure export prices, while smaller US and EU crops offset part of that bearishness. Coronavirus-driven demand erosion is a near-term bearish factor for wheat prices.
czapp.comJolyon HobbyFeb 28, 2020Not enough comparable past events yet for a historical read.
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.
