Today's action in wheat was the most explosive in quite a while. Here are the last six weeks of hourly prints for Chicago futures via TradingView:
From DTN Progressive Farmer:
USDA Reports Review
Tightening US and World Wheat Supplies Send Wheat Futures Prices to Near Limit Gains
The highlight of the May 12 USDA World Agricultural Supply and Demand Estimates (WASDE) report turned out to be wheat, featuring a greater-than-expected drop in both U.S. and world stocks, sending all three wheat futures markets briefly up the daily limit, before setting back. Changes in the May WASDE soybean numbers were mostly neutral, with corn stocks bullish for new crop on falling yield estimates, but neutral overall.Read below for an in-depth breakdown of wheat, soybeans and corn:
WHEAT
All wheat production in the U.S. was pegged at 1.729 billion bushels (bb), with a 46.6-bushel-per-acre (bpa) yield, and lower than the average trader estimate of 1.791 bb. That's 83 million bushels (mb) higher than last year's 1.646 bb crop. Hard winter wheat was lower than expectations, at 1.174 bb, and 104 mb lower than last year, with Kansas at 271 mb, Oklahoma at 60 mb and Texas at just 41.6 mb. The hard red winter crop fell to 590 mb compared to 749 last year, as the southwestern and Southern Plains have endured drought conditions for months. Abandonment for winter wheat was reported to be the highest since 2002, with Oklahoma and Texas comprising the majority of that. Soft red wheat was a bit lower than expected, with white wheat making a nice rebound to 230 mb compared to last year's 167 mb and the average trade estimate of 199 mb. Spring wheat was estimated to be 187 mb higher than last year, while using trend yields. However, that is a moving target, with very late planting in key states and acres likely to fall sharply from here....*****...The season average farmgate price for wheat was raised a hefty $3.05 to $10.75 per bushel....
....MUCH MORE
