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Revised Chinese grain production and stock figures raised China's wheat stocks from 260 million to over 266 million tonnes, lifting global wheat ending stocks by 7 million tonnes. Global wheat production for 2018/19 rose 2.6 million tonnes, though Australia and Ukraine were cut, and USDA expects Australian wheat exports at about 11.5 million tonnes.
Higher global wheat stocks from Chinese revisions are bearish for wheat prices, while Australia's sharply lower exports are a partial offset for feed grain buyers.
en.boerenbusiness.nlAnne Jan DoornNov 9, 2018After 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 770 past neutral report events, Corn moved a median +0.2% over 5 sessions (54% higher; middle half -1.1% to +1.6%), and +0.7% 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.
