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Dec 11, 2020REPORTGlobal

The Surprise Winner of WASDE Is Wheat

Wheat was the strongest performer on USDA's December WASDE day after traders had been buying ahead of the report. USDA cut projected world wheat ending stocks by 3.95 million metric tons, a bigger cut than traders expected, and raised Australian production to 30 million tonnes.

WHY IT MATTERS

A larger-than-expected cut to global wheat carryout tightens the export outlook and supports prices against cheaper French and Russian offers. Wheat buyers should expect firmer values in the near term.

AFFECTSWheat (SRW)▲Wheat (HRW)▲

SOURCE
dtnpf.comAlan BruglerDec 11, 2020

Price reaction & history

Wheat (SRW)▲bullishSO FAR1d +0.5%5d -1.6%20d +4.0%

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.

Jul 12, 2021Wheat takes center stage in July WASDE-0.8%
Jul 12, 2021Grain Stocks Surprise Traders in the July WASDE Report | Red River Farm Network-0.8%
Oct 1, 2021Wheat Comes Out as Winner of USDA's Sept. 30 Reports+5.1%
Sep 13, 2025WASDE: USDA surprises with even bigger corn production-0.4%
May 12, 2022May WASDE feeds wheat bulls+5.9%

Wheat (HRW)▲bullishSO FAR1d +2.9%5d +1.3%20d +5.6%

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.

Jul 12, 2021Wheat takes center stage in July WASDE+8.8%
Jul 12, 2021Grain Stocks Surprise Traders in the July WASDE Report | Red River Farm Network+8.8%
Oct 1, 2021Wheat Comes Out as Winner of USDA's Sept. 30 Reports+1.3%
May 20, 2026Global Wheat Outlook & WASDE Balance Sheet-4.8%
Jun 9, 2022Quiet June WASDE likely to focus on U.S. wheat-1.9%

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.

Wheat (SRW) WHEAT · GP ▸

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Wheat (HRW) KWHEAT · GP ▸

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