USDA's April WASDE raised world wheat ending stocks for 2017/18 by 2 million tonnes to a record 271 million tonnes. World coarse grain stocks are forecast to fall 39 million tonnes, about 15 percent, to the smallest since 2013/14.
A record wheat stock keeps wheat prices under pressure. The sharp drop in coarse grain stocks tightens feed grain supply, supporting corn and sorghum prices and raising the value of wheat as a feed substitute.
After 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 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.