
U.S. Wheat Associates says the April 10 WASDE projected global wheat feed use at 146 million tonnes, 7 percent above the five-year average, as feed grain supplies shrank. Global corn production fell 4 percent to 1.04 billion tonnes on drought in Argentina and lower Brazilian second-crop output.
Tighter feed grain supplies push livestock feeders toward wheat, supporting wheat demand, and the corn shortfall lifts corn values. Wheat's 2018/19 production outlook also points to lower output as farmers compete for acres.
After 769 past bullish report events, WHEAT 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.
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.