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The IGC's September report lowered global wheat production by 1.2 million tons to 798 million, led by a 2.6 million ton cut in EU output and a half million ton cut in Canada. Australian output was raised 1.7 million tons, and ending stocks rose to 267 million tons.
Lower EU and Canadian output is partly offset by larger Australian supply and higher carry-in stocks, leaving the net effect on wheat prices modest.
saskwheat.caSep 23, 2024After 406 past neutral report events, Wheat (SRW) moved a median -0.2% over 5 sessions (47% higher; middle half -1.6% to +1.5%), and +0.0% over 20.
After 40 past neutral report events, Wheat (HRW) moved a median -0.9% over 5 sessions (38% higher; middle half -3.1% to +1.6%), and -0.5% 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.
The IGC report cut global production, led by the EU, which supports prices, but higher Australian output and higher ending stocks partly offset it.
IGC lowered world wheat production, led by a cut in EU output, which was supportive though stocks were higher.
