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USDA expects world wheat output to fall for the first time in five years, to 739 million tonnes in 2017/18, down 14.6 million from the 2016/17 record. U.S. Wheat Associates notes that high-protein wheat supplies are shrinking and supporting prices, with Argentina's planted area up 17%.
A first global production decline in five years reduces exportable wheat supply, which supports wheat and feed-grain prices, though Argentina's expansion partly offsets the drop.
uswheat.orgJun 29, 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.
