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Dwindling wheat stocks pushes prices to 6-week highs
All wheat stored in all positions on September 1, 2021 totaled 1.78 billion bushels, down 18% from a year ago.
By Rony Abboud
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- Commodities
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U.S. wheat December 21 futures hit a six-week high on Friday, inching higher for the second day in a row on lower stocks levels and production figures from the U.S. Department of Agriculture (USDA). Chicago Board of Trade December wheat WZ1 settled ¢757.75 per bushel, its highest since August 2017.
USDA data shows that U.S. supplies of wheat have fallen to their lowest level since 2007 and that the wheat harvest is the smallest seen in 19 years. All wheat stored in all positions on September 1, 2021 totaled 1.78 billion bushels, down 18% from a year ago.
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Investors can access the wheat futures market through Teucrium Wheat ETF (WEAT). WEAT currently offers exposure to longer-dated wheat futures (March, May, and December 22 futures). In the last three trading days, WEAT gained 6%. Teucrium also offers exposure to other exchange-traded agricultural commodities such as corn, soybean, and sugar through CORN, SOYB, and CANE respectively, or all these ETFs combined through their Teucrium Agricultural ETF (TAGS) (including WEAT).
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