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Oklahoma State University analyst Kim Anderson reported forward contract bids for 2024 harvest wheat at Pond Creek and Perryton. USDA's January winter wheat seedings report showed US winter wheat area for 2024 down 6% from 2023, with Kansas seedings sharply lower.
Lower seeded acreage and possibly reduced abandonment support the 2024 HRW supply outlook and forward prices. The reduced area is a modest bullish factor for HRW futures.
farmprogress.comKim AndersonJan 17, 2024After 180 past bullish report events, Wheat (HRW) moved a median +0.4% over 5 sessions (53% higher; middle half -2.1% to +3.7%), and -0.6% 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.
