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The Russian Grain Union raised its 2019 wheat production forecast to 75.8 million tonnes, and ICAR raised its estimate to 75.4 million tonnes. Russian, Ukrainian and EU weekly wheat exports were cut, and Paris milling wheat rose slightly on Canadian harvest problems and Australian drought.
A larger Russian crop adds Black Sea supply that competes with other origins, which weighs on wheat prices, while slower exports and harvest delays offer some support.
graintrade.com.uaOct 8, 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.
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.
