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The USDA's February WASDE, released Feb. 8, showed few surprises for wheat.
World 2019/20 wheat ending stocks are projected at 9.83 billion bushels versus 10.3 billion last year, while U.S. HRW ending stocks are projected to fall from 581 million to 491 million bushels.
Tighter U.S. HRW protein supplies could support Kansas and Oklahoma wheat basis, but overall excess world supply limits upside for wheat prices.
farmprogress.comKim AndersonFeb 15, 2019After 180 past bullish report events, KWHEAT moved a median +0.4% over 5 sessions (53% higher; middle half -2.1% to +3.7%), and -0.6% over 20.
After 406 past neutral report events, WHEAT moved a median -0.2% over 5 sessions (47% higher; middle half -1.6% to +1.5%), and +0.0% 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.
