USDA's December WASDE cut its forecast for Australian wheat exports to 8.4 Mt from 9 Mt and tripled 2019/20 imports to 450,000 t. It also cut Argentina's wheat crop to 19 Mt and exports to 13 Mt, lowering global 2019/20 wheat output to 765.4 Mt.
Lower export availability from Australia and Argentina tightens global wheat supplies, supporting wheat prices for feed buyers.
After 769 past bullish report events, Wheat (SRW) moved a median +0.2% over 5 sessions (53% higher; middle half -1.4% to +2.0%), and +0.2% over 20.
After 180 past bullish report events, Wheat (HRW) moved a median +0.4% over 5 sessions (53% higher; middle half -2.1% to +3.7%), and -0.6% 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.