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Global 2016/17 wheat supplies were raised 1.7 million tons, with ending stocks up 0.9 million tons to remain record large. Global coarse grain production was raised 4.9 million tons to 1,319.7 million, led by record corn yields in Ukraine and Russia.
Corn import and export forecasts changed for several countries.
Record global wheat and corn stocks and larger Black Sea supplies add to export competition and weigh on world prices. Higher feed use in Ukraine, Canada and Russia partly offsets the bearish supply picture.
farming.co.ukNov 9, 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 1,102 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.
