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USDA trimmed 2021/22 U.S. wheat output by 152 million bushels, or 8%, to about 1.75 billion bushels due to drought in the Northern Plains and quality issues in hard red winter wheat. Chicago, Kansas City and Minneapolis wheat futures rose 1.5-2.5%, and global wheat stocks shrank 1%.
Smaller U.S. and global wheat stocks support wheat prices, while a smaller-than-expected Brazil corn cut limited corn's gains.
farmprogress.comBen PotterJul 12, 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 770 past neutral report events, Corn moved a median +0.2% over 5 sessions (54% higher; middle half -1.1% to +1.6%), 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.
