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Grain Journal's 2025 quality report says US winter wheat harvest is about 92% complete with solid yields but uneven protein and falling numbers. Late-season rain has lowered protein in parts of the Central and Southern Plains, widening premium spreads.
Lower protein in HRW wheat widens premiums for high-protein lots, which affects feed-grade wheat pricing and blending decisions.
After 40 past neutral report events, Wheat (HRW) moved a median -0.9% over 5 sessions (38% higher; middle half -3.1% to +1.6%), and -0.5% 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.