U.S. wheat futures traded mixed Tuesday, with winter wheat slightly firmer while spring wheat weakened. As of November 8, winter wheat planting was 89% complete and crop conditions improved to 49% good/excellent; weekly wheat export inspections totaled 248,543 metric tons, leaving season-to-date shipments 35.6% below last year.
USDA’s monthly WASDE report was due later Tuesday, with analysts expecting higher U.S. wheat stocks.
Improving crop conditions and exports well below last year point to ample U.S. availability, weighing on wheat prices. The pending WASDE update could shift expectations for stocks, but the article reports no major new supply shock.
After 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.