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USDA cut its July estimate of total US wheat production to 1.760 billion bushels from 1.824 billion in June, driven by sharply lower spring wheat (385 million bushels) and hard red winter forecasts (758 million). Managed funds moved from about 650 million bushels net short to about 645 million net long over six weeks.
Smaller US spring and HRW crops tighten supplies and support high-protein wheat prices, while fund buying adds upward price pressure.
farmprogress.comKim AndersonJul 20, 2017After 769 past bullish report events, WHEAT moved a median +0.2% over 5 sessions (53% higher; middle half -1.4% to +2.0%), and +0.2% over 20.
After 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.
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.
