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USDA's August crop report put 2021 all-wheat production at 1.697 billion bushels, down 3% from July. Hard red winter wheat was cut 3% to 776.9 million bushels, below trade expectations.
Spring wheat was left nearly unchanged.
A smaller hard red winter crop than expected reduces U.S. wheat supply and supports prices, especially for HRW wheat used in feed and milling.
foodbusinessnews.netMatt NoltemeyerAug 13, 2021After 769 past bullish report events, WHEAT 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, KWHEAT 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.
