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USDA's annual Small Grains Summary put the 2022 U.S. wheat crop at 1.650 billion bushels, well below the 1.778 billion expected in a Reuters poll and the 1.783 billion estimated in August. Dry western soils cut yields and caused heavy abandonment.
CBOT wheat futures rose about 3% to their highest since July 11.
A smaller-than-expected US crop tightens supplies for exporters and feed users, supporting wheat prices and a substitute role for feed wheat against corn.
agriculture.comReutersSep 30, 2022After 769 past bullish report events, Wheat (SRW) moved a median +0.2% over 5 sessions (53% higher; middle half -1.4% to +2.0%), and +0.2% 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.
After 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.
