
The October USDA WASDE raised global wheat production by 6.34 million tonnes, with gains for Russia, the EU and India, while cutting Australia by 1 million tonnes to 21.5 million. Global stocks are forecast at 268.13 million tonnes, the highest stocks-to-use ratio since 1998-99.
Bigger world supplies and record stocks weigh on wheat prices and make cheap wheat available as a feed grain 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 138 past bearish report events, Wheat (HRW) moved a median +0.0% over 5 sessions (50% higher; middle half -2.9% to +2.4%), and +0.5% 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.