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USDA's January 2021 Winter Wheat and Canola Seedings report showed U.S. farmers planted 32.0 million acres of winter wheat for 2021 harvest, up 5% year over year. The first acreage increase since 2013/14 was led by hard red winter, where planted area rose 4% to 22.3 million acres.
Montana, South Dakota and Kansas posted the largest gains.
Higher winter wheat plantings point to larger future supplies, which is bearish for prices. The size of the acreage gain will weigh on hard red winter values through the coming season.
uswheat.orgJan 21, 2021After 1,006 past bearish report events, WHEAT moved a median +0.0% over 5 sessions (50% higher; middle half -1.6% to +1.8%), and +0.3% over 20.
After 138 past bearish report events, KWHEAT moved a median +0.0% over 5 sessions (50% higher; middle half -2.9% to +2.4%), and +0.5% 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.
