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Russia's 2017 harvest is forecast at 130.7 million tonnes, with wheat possibly reaching 85 million tons. The August WASDE raised Russian wheat production to 2.85 billion bushels from 2.46 billion in May, and Russia is expected to be the top wheat exporter again.
A large Russian crop adds substantial export supply, pushing down world wheat prices and pressuring U.S. HRW values.
farmprogress.comKim AndersonAug 22, 2017After 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.
After 1,102 past bearish report events, Corn moved a median -0.2% over 5 sessions (47% higher; middle half -1.8% to +1.3%), and +0.0% 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.
