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The analyst argues that US hard red winter wheat use is projected to exceed production by 178 million bushels in 2018/19, leaving ending stocks with low protein. Foreign wheat consumption is projected to exceed foreign production by 1.6 billion bushels.
Two reasons are given for expecting 2019/20 prices of $5.75 or higher: a milling quality shortage and high-protein, high-test-weight requirements.
A projected tight supply of high-quality milling wheat supports higher wheat prices, especially for protein-rich hard red classes.
farmprogress.comKim AndersonOct 4, 2018Not enough comparable past events yet for a historical read.
Not enough comparable past events yet for a historical read.
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.
