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The September WASDE was broadly neutral for US wheat, with US 2019-20 ending stocks unchanged at 1.014 billion bushels. World ending stocks were raised slightly, and Australia was cut 2 million tonnes.
ABARES lowered its Australian wheat estimate to 19.2 million tonnes as dryness spread across the main growing region.
Lower Australian, Russian and Ukrainian crops tighten the export supply outlook, which supports wheat prices after multi-year lows. Continued dryness in Australia, Brazil and Ukraine could extend the support.
agweek.comRay Grabanski, Progressive AgSep 15, 2019After 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.
