
USDA's Small Grains Summary on Sept. 30 put 2019/20 U.S. wheat production at 53.3 million metric tons, up 4% from last year but 2% below the five-year average.
Higher yields offset lower planted area, with HRW output up 26% to 834 million bushels.
A larger U.S. wheat crop and substantial carry-in stocks add supply to export markets, which is bearish for wheat prices and keeps U.S. wheat the most reliable supply for buyers.
After 1,006 past bearish report events, Wheat (SRW) moved a median +0.0% over 5 sessions (50% higher; middle half -1.6% to +1.8%), and +0.3% over 20.
After 138 past bearish report events, Wheat (HRW) moved a median +0.0% over 5 sessions (50% higher; middle half -2.9% to +2.4%), and +0.5% 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.