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The USDA Economic Research Service published its July 2024 Wheat Outlook, explaining changes to US and world wheat supply and use projections for 2023/24 and 2024/25 from the July 12 WASDE. The piece is a download page with PDF and spreadsheet links.
The revised projections for larger US and world wheat production support a bearish wheat price outlook for feed buyers.
ers.usda.govJul 16, 2024After 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.
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.
