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A farm-press analysis of the 2021/22 US wheat marketing year notes USDA projected an average price of $5.50 per bushel, versus about $5 in the prior year. Harvest-delivery bids were around $6.40 in early March.
The article explains how June-August prices weigh heavily in the annual average because most Oklahoma HRW is sold then.
USDA's price projection and firm harvest bids point to a higher wheat cost base for feed formulators in the coming marketing year. Prices are expected to stay firm, supporting wheat as a feed ingredient.
farmprogress.comKim AndersonMar 8, 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.
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.
