USDA Estimates 2023/2024 U.S. Wheat Crop 1.665B BU
Portfolio Pulse from Benzinga Newsdesk
The USDA's WASDE report estimates the 2023/2024 U.S. wheat crop at 1.665 billion bushels, potentially affecting the prices of related ETFs such as SPY and WEAT.
June 09, 2023 | 4:01 pm
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NEUTRAL IMPACT
The USDA's wheat crop estimate may impact the SPY ETF, which tracks the S&P 500 and includes companies affected by agricultural commodities.
The SPY ETF tracks the S&P 500, which includes companies that may be affected by agricultural commodity prices. However, the impact of the wheat crop estimate on the overall index may be limited due to the diversified nature of the S&P 500.
CONFIDENCE 80
IMPORTANCE 50
RELEVANCE 50
NEUTRAL IMPACT
The USDA's wheat crop estimate directly affects the WEAT ETF, which tracks wheat futures and is likely to experience price fluctuations.
The WEAT ETF tracks wheat futures, making it directly affected by the USDA's wheat crop estimate. The estimate may cause price fluctuations in the short term as investors react to the news, but the overall direction will depend on other factors such as global demand and weather conditions.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100