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DTN reports that the US hard red winter wheat cash price hit a record $13.15 per bushel in early May due to Southern Plains drought and weather and geopolitical problems across major growing regions. USDA projects 2022-23 ending stocks at the top eight exporters falling to 2 billion bushels, the lowest since 2013-14.
Tightening exporter stocks point to sustained higher wheat prices, which raise feed costs and push buyers toward cheaper substitutes.
dtnpf.comKatie Micik DehlingerMay 25, 2022After 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.
After 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.
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.
