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USDA's Outlook Board chairman said U.S. wheat stocks are at a six-year low, supporting prices. USDA cut Argentina's wheat forecast by one million tons due to dry conditions, and half the U.S. crop is marketed at an average price of $4.70 a bushel.
Tight U.S. wheat stocks and a smaller Argentine crop support wheat prices for feed buyers. Global stocks remain large, limiting the upside.
pnwag.netGlenn VaagenNov 18, 2020After 180 past bullish report events, KWHEAT 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 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.
