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USDA reported 2021 US wheat production of 1.646 billion bushels, down from 1.826 billion a year earlier. Sept.
1 wheat stocks were 1.780 billion bushels, the smallest for that date since 2007. Soybean stocks of 256 million bushels, down 51% year on year, were above analyst expectations.
Wheat supplies are at their tightest since 2007, which supports prices and raises feed wheat costs for buyers, while the larger soybean carryout is bearish for soy products.
reuters.comJulie IngwersenSep 30, 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.
After 788 past bearish report events, Soybeans moved a median -0.3% over 5 sessions (47% higher; middle half -2.0% to +1.5%), and -0.9% 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.
