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US farmers expanded winter wheat plantings by 11%, encouraged by high prices after Russia's invasion of Ukraine, relatively low input costs and expanded crop insurance. The article frames drought as a threat to the resulting US wheat production.
A larger US winter wheat area adds future supply, but drought risk could offset the acreage gain and limit any bearish pressure on wheat prices.
reuters.comJulie IngwersenFeb 2, 2023After 224 past neutral weather events, Wheat (SRW) moved a median -0.1% over 5 sessions (46% higher; middle half -1.4% to +1.5%), and +0.4% over 20.
After 29 past neutral weather events, Wheat (HRW) moved a median +0.6% over 5 sessions (52% higher; middle half -1.9% to +2.3%), 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.
