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USDA's latest world supply and demand report keeps Argentina's 2018/19 wheat forecast at 19.5 million tonnes, a record and 5% above last year. Rabobank says upside remains possible toward 20 million tonnes despite dry conditions and frost.
A record Argentine wheat crop adds export supply that competes with Australian and Black Sea origins, which is mildly bearish for world wheat prices.
theland.com.auCheryl Kalisch Gordon, RabobankOct 25, 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.
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.
