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U.S. Wheat Associates released its Winter 2021 outlook, based on a USDA report prepared January 27, 2021. USDA expects record 2020/21 world trade of 194 MMT and global ending stocks of 313 MMT, while U.S. wheat ending stocks are projected to be the lowest since 2014/15.
U.S. winter wheat seeded area rose for the first time since 2013/14.
Lowest U.S. ending stocks since 2014/15 tighten the domestic balance sheet and support U.S. wheat prices, even as world supplies are ample. Feed buyers may see firmer wheat costs relative to corn.
uswheat.orgJan 29, 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.
