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The USDA's July supply and demand report cut world wheat production by 8.4 million tonnes to about 736 million, the smallest in three years. Russia's forecast was lowered to 67 million tonnes on hot, dry weather, and Ukraine's estimate was also trimmed.
Lower Black Sea output removes major export supply and is likely to lift global wheat prices, which tightens feed grain alternatives for buyers.
theland.com.auLloyd George, Ag ScientiaJul 17, 2018After 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.
After 1,040 past bullish report events, Corn moved a median +0.5% over 5 sessions (62% higher; middle half -0.9% to +2.0%), and +0.8% over 20.
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.
