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The International Grains Council's April estimate raises the 2019/20 world grain harvest marginally, to 50 million tonnes or 2.3% above the previous year. Wheat output is seen 27 million tonnes higher and maize about 7 million tonnes higher, while ending stocks fall to 588 million tonnes.
The estimate does not yet include the recent dry weather, and Europe is already short of rain.
A larger global crop and comfortable stocks are bearish for grain prices, but the dry spell in Europe and the Iberian peninsula is a risk that could tighten supply.
zmp.deApr 26, 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.
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.
