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The IGC's August report cut its 2018/19 global wheat production estimate by 5 million tonnes to 716 million tonnes. World ending stocks rose 1 million tonnes to 248 million because consumption was also lowered 5 million tonnes to 734 million.
A smaller world crop with reduced consumption leaves a modestly tighter stocks outlook, supporting wheat prices, though the stocks increase limits the rally.
saskwheat.caAug 27, 2018After 180 past bullish report events, Wheat (HRW) moved a median +0.4% over 5 sessions (53% higher; middle half -2.1% to +3.7%), and -0.6% over 20.
After 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.
