Trilateral Bakery Update 8-19-2019

Wheat

  • Bearish WASDE surprise for corn pulls wheat lower
  • Market reflecting tightening SRW stocks scenario
  • Market is still awaiting spring wheat harvest to commence with only 8% completed nationally
  • World wheat stocks are still 10 mmt above a year ago

Oils

  • World and domestic edible oils usage ratios continue to drop
  • NOPA crush has sharply lower SBO stocks on higher production
  • Markets are turning higher

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