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USDA projects tighter global and US wheat supplies and low US barley supplies for 2022, with higher marketing-year average prices. The USDA forecast for 2022 wheat averages $6.90 a bushel, up from $5.05 in 2021.
Severe drought in Idaho and the Northwest cut wheat yields sharply.
Projected tighter wheat and barley stocks support higher grain prices, though acreage data could bring some downside risk.
capitalpress.comStaff ReportsDec 15, 2021After 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 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 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.
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.
