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U.S. Wheat Associates reports that hot, dry weather in the northern U.S. and Canada has cut spring wheat and durum prospects, while HRW and SRW yields are expected higher. USDA's July world wheat estimate was 792.4 million tonnes, and the IGC's was 788 million tonnes, both still record levels.
Drought losses in the northern Plains and Canada tighten spring wheat and durum supplies, supporting prices ahead of USDA's August report. Higher HRW and SRW output partly offsets this, limiting the net gain.
uswheat.orgAug 5, 2021After 1,072 past bullish weather events, Wheat (SRW) moved a median +0.2% over 5 sessions (55% higher; middle half -1.4% to +2.3%), and +0.3% over 20.
After 29 past neutral weather events, Wheat (HRW) moved a median +0.6% over 5 sessions (52% higher; middle half -1.9% to +2.3%), 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.
