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The International Grains Council reported that world wheat export prices stayed weak in September under record global supplies, with the GOI wheat sub-index near 10-year lows. Quality problems in Canada and Australia added a more bullish tone for higher-grade milling wheat, and Chicago SRW futures traded at 10-year lows at times.
Record global supplies keep the wheat complex under pressure, but quality concerns in major exporters provide selective support for milling-grade prices. Feed buyers should expect cheap wheat as a feed alternative to persist.
world-grain.comChris LyddonNov 10, 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 40 past neutral report events, Wheat (HRW) moved a median -0.9% over 5 sessions (38% higher; middle half -3.1% to +1.6%), and -0.5% 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.
