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Following the USDA reports, US winter wheat plantings came in well below expectations at a 108-year low. Balancing factors included lower estimated current-year usage and higher US ending stocks than in December.
Reduced HRW acreage has lifted Kansas City futures and protein premiums, which raises the cost of higher-protein wheat for feed buyers, while large stocks cap broader gains.
stockandland.com.auMalcolm Bartholomaeus, Market AnalystJan 18, 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 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.
