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USDA projected the 2021 US wheat carryover on June 1 at 925 million bushels, down 17 million from July and 11% below 2020. The agency raised 2020/21 exports 25 million bushels to 975 million, citing lower production in competitors, notably the EU.
A smaller projected carryover and higher exports tighten the US wheat balance sheet, which is supportive for prices.
world-grain.comJay SjervenAug 14, 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.
