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USDA's Small Grains 2022 summary cut the US total wheat production forecast to 1.65 billion bushels from 1.783 billion in August, largely from a two-million-acre reduction in harvested area. The spring wheat forecast of 482 million bushels and durum forecast of 64 million bushels both came in well below trade estimates.
Wheat futures rose 16 to 25 cents per bushel across Chicago, Kansas City and Minneapolis.
A materially smaller US wheat crop than expected tightens domestic supply and supports wheat prices, raising the cost of wheat as a feed ingredient.
producer.comSean PrattOct 6, 2022After 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.
Not enough comparable past events yet for a historical read.
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.
