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Oklahoma State's Todd Hubbs says USDA's May reports jolted hard red winter wheat markets, with production well below expectations. July HRW futures hit $7.50 before fading to around $6.90, and a Kansas crop tour pegged yield at 38.9 bushels per acre versus USDA's 37.
He also cites a disputed announcement that China agreed to buy $17 billion of farm products.
Crop tour yields above USDA's estimate could cap HRW rallies. The unverified China purchase pledge adds uncertainty to demand and price direction.
oklahomafarmreport.comKC Sheperd2026年5月19日在过去 180 次看涨的报告事件之后，小麦(HRW) 在 5 个交易日内中位数变动 +0.4%（53% 上涨；中间一半区间为 -2.1% 至 +3.7%），20 个交易日内为 -0.6%。
各商品基准价相对事件前最后收盘价的变动。历史数据汇总同类过往事件；仅描述已发生的情况，不代表未来走势。不构成投资建议。
