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Winter wheat futures fell sharply overnight after weak trading earlier in the week, despite lower crop condition ratings. Traders are discounting the condition reports as a yield indicator and are waiting for USDA's first official crop estimate on May 10.
Prices are being set by expectations for the official USDA estimate rather than by ratings, so feed wheat values could move sharply once the May report is released.
farmprogress.comApr 12, 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.
