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Market analysts expect wheat futures to trade mostly sideways for the coming months unless an unexpected Southern Hemisphere weather disaster occurs. The 2017 U.S. all-wheat crop was 1,741 million bushels, 25% smaller than 2016 and the smallest since 2002.
USDA projects the 2018 carryover at 935 million bushels, down 21% from 2017.
A much smaller U.S. crop and tighter projected stocks give some underlying support, but ample global supplies cap price gains.
bakingbusiness.comJay Sjerven, Ron SterkNov 27, 2017After 40 past neutral report events, Wheat (HRW) moved a median -0.9% over 5 sessions (38% higher; middle half -3.1% to +1.6%), and -0.5% over 20.
After 406 past neutral report events, Wheat (SRW) 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.
