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Recent rains reached the Southern Plains after a dry late October with Dust Bowl-like conditions. USDA's first winter wheat rating showed 38% good-to-excellent, well below the 47% trade expectation, with Oklahoma and Texas at record lows.
Poor winter wheat conditions in the Southern Plains tighten HRW supplies and support wheat prices. Rain that misses the main Kansas and Colorado areas limits the upside.
ibestmedia.comNov 2, 2024After 322 past bullish weather events, Wheat (HRW) moved a median -0.1% over 5 sessions (49% higher; middle half -2.5% to +3.2%), and +1.0% over 20.
After 1,072 past bullish weather events, Wheat (SRW) moved a median +0.2% over 5 sessions (55% higher; middle half -1.4% to +2.3%), 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.
