From your table.. Nov 2018. Actually ending stocks are Decreasing..
HRW Wheat:
Beginning Stocks 581 myn bushels
Production: 662 myn bu. Implied Imports: 3 myn bu.
Added supplies: 665 myn bu.
Domestic Usage: 460 myn bu. Exports: 360 myn bu.
Total Usage: 820 myn bu.
Ending Stocks: 426 myn bu.
Change in Stocks: -155 myn bu.
155 / 581 = 26.68% decline.
How is this bearish?!? |