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An Oklahoma State economist notes US 2017 wheat production is projected at 1.9 billion bushels versus 2.3 billion in 2016, a 17% drop from 8% fewer planted acres and 9% lower yields. Higher beginning stocks of 183 million bushels are expected to offset much of the production decline, and foreign output is also projected lower.
Despite lower US and foreign output, record world stocks mean the supply cut is largely absorbed, so the price outlook for wheat feed and milling grades stays subdued.
farmprogress.comKim AndersonApr 20, 2017After 138 past bearish report events, KWHEAT moved a median +0.0% over 5 sessions (50% higher; middle half -2.9% to +2.4%), and +0.5% over 20.
After 1,006 past bearish report events, WHEAT moved a median +0.0% over 5 sessions (50% higher; middle half -1.6% to +1.8%), 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.
