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December spring wheat hit its highest trade in seven sessions on September 30 after USDA stocks came in slightly below expectations. Winter wheat production estimates for hard red and soft red were below prior USDA numbers, while other spring wheat was raised above expectations.
Lower HRW and SRW production estimates are mildly bullish for US wheat prices, while the higher other-spring estimate offsets part of the rally for buyers.
dtnpf.comCliff JamiesonSep 30, 2020After 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.
