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The USDA's May WASDE projects record global wheat production of 777 million tonnes for 2019-20, 46 million tonnes above the previous year. Australia, the EU, Canada, Russia and Ukraine are all expected to harvest more.
Consumption is projected at a record 755 million tonnes, which is below production.
A production rebound that exceeds projected consumption points to rebuilt stocks and lower wheat prices from the depleted levels of 2018-19. Feed wheat becomes more competitive as supplies grow.
graincentral.comGrain CentralMay 12, 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.
