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New-crop grain futures fell to contract lows on 13 May 2019 after the USDA's first new-crop estimates showed record global wheat and maize supply. London's November 2019 feed wheat contract closed at £141/t, well below its late-July 2018 high of £179.4/t.
Larger Black Sea and EU barley crops are also expected to raise export competition.
Record global supplies and rising stocks point to continued downward pressure on feed grain prices and increased competition for export markets in the Middle East and North Africa.
fwi.co.ukSuzie HorneMay 14, 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 1,102 past bearish report events, Corn moved a median -0.2% over 5 sessions (47% higher; middle half -1.8% to +1.3%), and +0.0% over 20.
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.
