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Montana State University economist Anton Bekkerman says bumper wheat crops in the Great Plains and globally, with US winter wheat at 51.3 bushels per acre and Russia reportedly at 71, have overwhelmed record inventories. Lower 2016 prices cut winter wheat futures by nearly $1.00 a bushel from September 2015 levels, while he sees longer-term opportunities for 2017.
Oversupply from record yields in key exporters keeps wheat prices depressed in the near term, which favors buyers, though longer-term demand may support recovery.
farmprogress.comDec 4, 2016After 1,006 past bearish report events, Wheat (SRW) moved a median +0.0% over 5 sessions (50% higher; middle half -1.6% to +1.8%), and +0.3% over 20.
After 138 past bearish report events, Wheat (HRW) moved a median +0.0% over 5 sessions (50% higher; middle half -2.9% to +2.4%), and +0.5% 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.
