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The July WASDE raised 2024/25 global wheat production by 5.4 million tonnes to 796 million, led by a larger US crop, and lifted ending stocks to 257 million. Canadian spring wheat conditions improved to 90 percent good or excellent, and Sept Chicago, KC and Minneapolis wheat futures all fell during the week.
Higher global output and strong Canadian crop conditions add supply and weigh on wheat prices heading into harvest.
saskwheat.caJul 15, 2024After 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 138 past bearish report events, Wheat (HRW) moved a median +0.0% over 5 sessions (50% higher; middle half -2.9% to +2.4%), 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.
The July WASDE raised global wheat production and stocks, and wheat futures fell during the week, which confirms the bearish fundamental backdrop, though the article is dated after the move.
