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USDA's May projections for 2021/22 show world wheat production at a record 789 million tonnes, matched by record consumption, with world stocks steady at 295 million tonnes. Dry conditions in the Pacific Northwest and Northern Plains are flagged as a risk to soft white, hard red spring and durum crops.
Stable world balance sheets limit upside, but dryness in northern wheat areas could tighten supplies of higher-protein milling wheat and support those classes.
thefencepost.comMichael AndersonU.S. Wheat Associates Market AnalystJun 2, 2021Not enough comparable past events yet for a historical read.
Not enough comparable past events yet for a historical read.
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.
