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USDA's May WASDE projected world wheat beginning stocks at 295 MMT for 2021/22, down 2%, with record production and consumption both at 789 MMT. US stocks-to-use ratios for most wheat classes except SRW declined in 2020/21, and dry conditions in the PNW and Northern Plains are a concern for spring and white wheat.
Tight stocks and dryness in spring wheat growing areas support wheat prices, especially for buyers of SW and HRS classes. Weather that reduces northern production could tighten supplies further.
uswheat.orgMay 27, 2021After 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 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.
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.
