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The FAO raised its 2016 world cereal production forecast to 2,571 million tonnes, with wheat at a record 746.7 million tonnes led by Russia and Kazakhstan. The maize forecast was cut by 4.8 million tonnes on weather-hit yields in Brazil, China, the EU and the US.
Record world wheat output and record stocks weigh on wheat prices, while the maize cut partly offsets abundant supply for feed buyers.
farming.co.ukNov 11, 2016After 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 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.
Not enough comparable past events yet for a historical read.
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.
