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USDA's February 2019 WASDE cut global wheat production 3% to 735 MMT, with sharp drops in the EU, Russia and Australia. It raised global use to a record 747 MMT, driven by higher Chinese feed use, and kept world trade near last year's level at 179 MMT.
Lower production in major exporters alongside record use tightens the wheat balance sheet and supports prices. Feed buyers should expect firmer wheat values relative to the recent lows.
uswheat.orgFeb 19, 2019After 769 past bullish report events, Wheat (SRW) moved a median +0.2% over 5 sessions (53% higher; middle half -1.4% to +2.0%), and +0.2% 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.
