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USDA reported that only 11% of the US spring wheat crop was rated good to excellent as of July 18, the lowest since 1988. The July WASDE put spring wheat ending stocks at 119 million bushels, or 24% of use, the lowest stocks-to-use ratio since 2007-08.
Very low spring wheat stocks-to-use leaves little cushion against supply shortfalls, which supports Minneapolis and KC wheat prices and widens their premium over normal relationships.
dtnpf.comTodd HultmanJul 23, 2021After 1,072 past bullish weather events, Wheat (SRW) moved a median +0.2% over 5 sessions (55% higher; middle half -1.4% to +2.3%), and +0.3% over 20.
After 322 past bullish weather events, Wheat (HRW) moved a median -0.1% over 5 sessions (49% higher; middle half -2.5% to +3.2%), and +1.0% 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.
