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Scouts on a North Dakota crop tour projected hard red spring wheat yields at 54.5 bushels per acre, the highest on record since 1992. Fusarium head blight risk was noted, and U.S. wheat futures were near four-year lows.
A record spring wheat crop adds supply and pressures wheat prices, while wheat's feed substitution pressures corn and barley values.
admis.comADMIS Research TeamJul 26, 2024After 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.
After 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.
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.
