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USDA's May WASDE pegged the 2017 U.S. winter wheat crop at 1.246 billion bushels, down from 1.67 billion last year, on fewer acres, lower yields and a late-April storm that hit hard red winter wheat. Corn and wheat futures rose after the report while soybeans showed little reaction.
A sharply smaller hard red winter wheat crop tightens wheat supplies and supports wheat prices, which can raise wheat's cost as a feed ingredient.
feedstuffs.comBob Burgdorfer 1May 10, 2017After 180 past bullish report events, Wheat (HRW) moved a median +0.4% over 5 sessions (53% higher; middle half -2.1% to +3.7%), and -0.6% over 20.
After 769 past bullish report events, Wheat (SRW) moved a median +0.2% over 5 sessions (53% higher; middle half -1.4% to +2.0%), and +0.2% over 20.
After 770 past neutral report events, Corn moved a median +0.2% over 5 sessions (54% higher; middle half -1.1% to +1.6%), and +0.7% 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.
