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USDA's July WASDE cut US all-wheat production by 152 million bushels to 1,746 million due to drought in the Northern Plains. Ending stocks for 2021/22 fell 105 million bushels to 665 million, the lowest since 2013/14, and the season-average farm price was raised by $0.10 per bushel.
Exports are projected at the smallest since 2015/16.
Tighter US wheat supplies and higher price forecasts support wheat values and raise feed wheat substitution costs for feed buyers.
kfgo.comRusty HalvorsonJul 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.
