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USDA has cut its 2021/22 global wheat production estimate by 17 million tonnes since the initial WASDE, led by Canada, Russia and the US. Quality problems after wet harvests in the EU and Australia and Russia's export tax and planned export cap have tightened supply.
Lower global production and stocks among top exporters keep wheat prices near multi-year highs, raising costs for feed formulators who substitute wheat for corn.
newuswheat.mysites.ioSteve Mercer, Ralph LoosDec 15, 2021After 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.
Not enough comparable past events yet for a historical read.
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.
