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The Sask Wheat weekly outlook for September 30, 2019 reports the International Grains Council lowered its global wheat consumption estimate by 1 million tonnes to 757 million tonnes, still 18 million tonnes above last year. World production was left unchanged at 764 million tonnes.
A consumption cut with unchanged production points to a slightly looser world wheat balance, which is mildly bearish for wheat prices and cheap feed wheat supply.
saskwheat.caSep 30, 2019After 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.
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.
