Loading…
USDA winter wheat condition ratings fell to 29% good to excellent at the end of January, down from 41% in December, with 37% rated poor or very poor. Drought covers most of the winter wheat area, with 81% of Oklahoma in severe to extreme drought.
Planted area is also 15% below the five-year average.
Deteriorating HRW conditions combined with low planted area point to smaller 2018/19 US winter wheat output, which supports HRW prices. Lower quality could also tighten milling-wheat supplies.
uswheat.orgFeb 8, 2018After 322 past bullish weather events, KWHEAT moved a median -0.1% over 5 sessions (49% higher; middle half -2.5% to +3.2%), and +1.0% over 20.
After 1,072 past bullish weather events, WHEAT moved a median +0.2% over 5 sessions (55% higher; middle half -1.4% to +2.3%), and +0.3% 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.
