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USDA's January 10 reports showed US winter wheat planted for 2020 at 30.8 million acres, the second lowest on record. Stocks of all wheat on December 1 were 1.834 billion bushels, down 9% year on year, and corn and soybean stocks also fell.
Indicated September-November wheat disappearance rose 35%.
Lower wheat seedings and smaller stocks support wheat prices, while lower corn and soybean stocks tighten feed supplies.
world-grain.comRon SterkJan 13, 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.
After 1,040 past bullish report events, Corn moved a median +0.5% over 5 sessions (62% higher; middle half -0.9% to +2.0%), and +0.8% over 20.
After 747 past bullish report events, Soybeans moved a median +0.3% over 5 sessions (54% higher; middle half -1.4% to +2.1%), and +0.8% 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.
