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Agweek reported that USDA's February 9 WASDE raised 2016-17 U.S. wheat exports by 50 million bushels to 1.025 billion, lowering projected ending stocks to 1.139 billion bushels. World wheat stocks fell 4.7 million metric tons to 248.6 million, and India bought more than 5 million metric tons of wheat since summer 2016.
Higher export demand and lower ending stocks tighten the wheat balance and support prices. Strong Indian import buying reinforces that support.
agweek.comRay Grabanski, Progressive AgFeb 13, 2017After 769 past bullish report events, Wheat (SRW) moved a median +0.2% over 5 sessions (53% higher; middle half -1.4% to +2.0%), and +0.2% 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.
