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USDA reported that 48% of US winter wheat was rated good to excellent, up one point and 16 points above 2022, with emergence at 87%. Wheat futures hit new contract lows on November 20, and US export commitments reached 62% of the projected 19.05 MMT.
Improving crop conditions and sluggish sales weigh on wheat prices, though the export commitment level gives some support to demand.
oklahomafarmreport.comAimee CarlisleNov 22, 2023After 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.
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 770 past neutral report events, Corn moved a median +0.2% over 5 sessions (54% higher; middle half -1.1% to +1.6%), and +0.7% 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.
