Wheat and Corn Futures Decline: U.S. wheat and corn futures dropped sharply following a USDA report indicating larger-than-expected stockpiles, with wheat stocks at 2.12 billion bushels and corn stocks at 1.53 billion bushels, both exceeding analyst estimates.
Impact of Government Shutdown Threat: The potential for a government shutdown has led investors to shift away from grains towards safer assets like gold, as the USDA report may be one of the last significant updates for a while.
Harvest Progress: The USDA's weekly Crop Progress report revealed that corn and soybean harvests are lagging behind last year's pace, with only 19% of soybeans and 18% of corn harvested so far.
Market Prices: As a result of the report, December wheat closed at $5.07 3/4 per bushel (-2.3%), December corn at $4.16 per bushel (-1.3%), and November soybeans at $10.00 1/2 per bushel (-1%).
Wall Street analysts forecast WEAT stock price to rise over the next 12 months. According to Wall Street analysts, the average 1-year price target for WEAT is USD with a low forecast of USD and a high forecast of USD. However, analyst price targets are subjective and often lag stock prices, so investors should focus on the objective reasons behind analyst rating changes, which better reflect the company's fundamentals.
0 Analyst Rating
Wall Street analysts forecast WEAT stock price to rise over the next 12 months. According to Wall Street analysts, the average 1-year price target for WEAT is USD with a low forecast of USD and a high forecast of USD. However, analyst price targets are subjective and often lag stock prices, so investors should focus on the objective reasons behind analyst rating changes, which better reflect the company's fundamentals.
0 Buy
0 Hold
0 Sell
Current: 20.050
Low
Averages
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Current: 20.050
Low
Averages
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About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
