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Brazil's crop agency Conab cut its 2026 wheat crop estimate to 5.26 million tonnes from 5.73 million, citing El Niño rains that hurt quality and yields, and raised its wheat import forecast to 8.94 million tonnes. Conab kept its 2026/27 soybean forecast at a record 181.6 million tonnes and its corn forecast at 148 million tonnes, with corn exports cut to 43 million tonnes.
A sharp Brazilian wheat shortfall and higher imports tighten global wheat supply and support wheat prices. The gap between Conab and USDA corn and soy forecasts keeps South American supply uncertain for feed grains.
wrightonthemarket.comWright teamNov 14, 2026After 772 past bullish report events, Wheat (SRW) moved a median +0.2% over 5 sessions (54% 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.
