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Gleadell's David Sheppard said the May USDA report had little impact on wheat, though USDA reported non-Chinese global wheat stocks for 2018/19 falling 12.5%. Old-crop UK wheat remains well supported, and the UK is expected to be a net importer in 2018/19.
A sharp drop in non-Chinese wheat stocks tightens the exportable supply, which could support wheat prices, though currency and import parity will drive UK feed wheat demand.
farming.co.ukMay 11, 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.
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.
