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U.S. Wheat Associates reports that USDA's April 11 WASDE projects record world wheat ending stocks of 252 million tons. Chinese stocks are expected to reach a record 111 million tons, while importer stocks fall 16% to a six-year low.
Record world stocks are concentrated in China rather than in importing or exporting nations, so global tradable supply is less cushioned and this offers some support for wheat prices.
uswheat.orgApr 20, 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.
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.
