# July USDA WASDE: Wheat Takes Leadership Following Bullish Report

> Minneapolis spring wheat futures rallied after the July WASDE showed much lower-than-expected spring and hard red spring wheat production due to drought. Wheat led the grain complex, while corn and soybean numbers were neutral to slightly bearish.

- Date: 2021-07-12 · published 2021-07-12T12:00:00.000Z
- Category: weather · region US · magnitude high
- Page: https://feedsoft.ai/events/46004-july-usda-wasde-wheat-takes-leadership-following-bullish-report
- Commodities: [Wheat (SRW)](https://feedsoft.ai/c/WHEAT.md), [Wheat (HRW)](https://feedsoft.ai/c/KWHEAT.md), [Corn](https://feedsoft.ai/c/CORN.md), [Soybeans](https://feedsoft.ai/c/SOY.md)

## Why it matters

Drought-cut spring wheat output tightens North American wheat supplies, supporting wheat prices and potentially raising feed wheat competitiveness.

## Read by commodity

- SOY: neutral
- CORN: neutral
- WHEAT: bullish ▲
- KWHEAT: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WHEAT | 2018-08-08 | [Ahead of USDA Report, Wheat Futures on a Powder Keg - U.S. Wheat Associates](https://feedsoft.ai/events/63579-ahead-of-usda-report-wheat-futures-on-a-powder-keg-u-s-wheat-associates.md) | -3.0% | +3.0% |
| WHEAT | 2021-08-05 | [Checking the 2021/22 Global Wheat Crop Ahead of August WASDE Report](https://feedsoft.ai/events/45510-checking-the-2021-22-global-wheat-crop-ahead-of-august-wasde-report.md) | -2.5% | +0.3% |
| WHEAT | 2018-08-21 | [Wheat market slowly turning bullish - Brownfield Ag News](https://feedsoft.ai/events/63574-wheat-market-slowly-turning-bullish-brownfield-ag-news.md) | +0.5% | -1.2% |
| WHEAT | 2023-04-17 | [Feeling Bullish About Wheat Prices Again? - Alberta Grains](https://feedsoft.ai/events/36465-feeling-bullish-about-wheat-prices-again-alberta-grains.md) | +7.8% | -1.4% |
| WHEAT | 2020-11-13 | [No Rain in Plains Turns Hedge Funds Bullish on Winter Wheat](https://feedsoft.ai/events/50205-no-rain-in-plains-turns-hedge-funds-bullish-on-winter-wheat.md) | -2.7% | +4.2% |
| KWHEAT | 2018-08-08 | [Ahead of USDA Report, Wheat Futures on a Powder Keg - U.S. Wheat Associates](https://feedsoft.ai/events/63579-ahead-of-usda-report-wheat-futures-on-a-powder-keg-u-s-wheat-associates.md) | -5.8% | -13.4% |
| KWHEAT | 2018-08-21 | [Wheat market slowly turning bullish - Brownfield Ag News](https://feedsoft.ai/events/63574-wheat-market-slowly-turning-bullish-brownfield-ag-news.md) | -8.3% | -5.7% |
| KWHEAT | 2023-04-17 | [Feeling Bullish About Wheat Prices Again? - Alberta Grains](https://feedsoft.ai/events/36465-feeling-bullish-about-wheat-prices-again-alberta-grains.md) | -4.3% | +1.5% |

## Sources

- dtnpf.com: https://www.dtnpf.com/agriculture/web/ag/news/article/2021/07/12/july-usda-wasde-wheat-takes-bullish

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.