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DTN's May 16, 2018 morning report says wheat gained about 3 cents overnight while July corn was fractionally higher and soybeans fell 5 cents. Most other commodities were lower under a stronger US dollar, the 10-year Treasury yield climbed above 3%, and crude oil slipped to $71.29.
A firmer dollar and higher Treasury yields pressure commodity prices broadly, which can ease feed input costs. Wheat's modest overnight gain provides limited support for wheat-based feed.
dtnpf.comDarin Newsom DTN Senior AnalystMay 16, 2018After 57 past bullish macro events, Wheat (SRW) moved a median +0.3% over 5 sessions (65% higher; middle half -0.5% to +1.7%), and -0.7% over 20.
After 10 past bullish macro events, Wheat (HRW) moved a median +0.8% over 5 sessions (60% higher; middle half -1.9% to +3.1%), and +1.3% over 20.
After 78 past neutral macro events, Corn moved a median +0.3% over 5 sessions (55% higher; middle half -1.1% to +1.6%), and -0.6% over 20.
After 273 past bearish macro events, Soybeans moved a median -0.4% over 5 sessions (44% higher; middle half -2.4% to +1.4%), and -0.5% over 20.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
