
USDA's Small Grains Summary put all-wheat production at 1.984 billion bushels, 63 million above the average trade guess, with winter wheat at 1.402 billion. The Grain Stocks report also showed September 1 wheat stocks at 2.12 billion bushels, above expectations.
CBOT and KC wheat futures fell 11 to 12 cents at midday.
Larger-than-expected US production and stocks add supply to a market already well supplied, pressuring wheat prices and feed wheat values.
After 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.