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USDA's April S&D data raised world corn ending stocks by 5.5 million tonnes to 314 million and world wheat ending stocks by 5 million to 275.61 million. Sovecon raised its Russian wheat crop estimate to 83.4 million tonnes, and Egypt and Algeria made wheat purchases.
US export sales were well below USDA targets.
Higher world stocks and a larger Russian crop weigh on wheat and corn prices, while weak US export sales limit US competitiveness. Markets remained within recent ranges.
tynegrain.co.ukDoug GrayApr 12, 2019Not enough comparable past events yet for a historical read.
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.
