
USDA cut its estimate of US all-wheat production by 51 million bushels and reduced September 1 wheat stocks to 1.780 billion bushels, well below both trade expectations and last year. Wheat futures rallied 9 to 20 cents a bushel across the three classes after the Grain Stocks report.
A smaller-than-expected US wheat supply tightens the feed grain balance and supports wheat prices, which can lift feed ingredient costs for buyers.
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.
After 1,040 past bullish report events, Corn moved a median +0.5% over 5 sessions (62% higher; middle half -0.9% to +2.0%), and +0.8% 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.