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DTN reports the 2022-23 hard red winter wheat basis ended below its five-year average, though better than the prior year. USDA had cut 2022 winter wheat output 14% after drought in Kansas and Oklahoma, and seeded HRW area for 2023 is 25.3 million acres, up 10%.
Larger 2023 HRW seedings point to more supply ahead, which tends to weigh on cash and futures prices if weather holds.
dtnpf.comMary KennedyJun 12, 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.
