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March Kansas City HRW wheat futures have fallen for about 18 months and closed Dec. 28 at $6.43 3/4, well below the 100-day average.
Spot KC wheat is set for one of the largest percentage losses in 2023 among US grains, and USDA projects 2023-24 ending stocks at 35% of use.
Persistent weakness and tight-ish ending stocks give a mixed price signal, with commercial buying near current lows possibly limiting further downside. Feed buyers face soft HRW-based values for the time being.
dtnpf.comTodd HultmanDec 29, 2023Not enough comparable past events yet for a historical read.
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.
