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Prairie wheat bids rose in the week ended August 12 after the USDA cut its wheat yield estimates in its August WASDE. The USDA lowered U.S. wheat ending stocks from 665 million to 627 million bushels and Canadian ending stocks by 20.9%.
A sharp cut to Russian wheat yields and a weaker Canadian dollar also lifted bids.
Lower projected ending stocks in the U.S., Canada and Russia tighten wheat supply and support higher Prairie cash prices.
marketsfarm.comAdam PeleshatyAug 13, 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.
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.
