Loading…
Grain futures stabilized after a two-week slide when the USDA's July WASDE report cut world wheat stocks by 4.1 million tonnes, citing higher feed demand. Corn stocks rose by less than the market expected.
Soymeal futures hit limit down in Chicago the previous week on good US rain.
Lower world wheat stocks and strong feed use support wheat prices, and cheaper wheat is pulling feed buyers away from pricier grains. Soymeal fell sharply on weather-driven supply expectations, which lowers feed protein costs.
theland.com.auGregor HeardJul 13, 2016After 769 past bullish report events, Wheat (SRW) moved a median +0.2% over 5 sessions (53% higher; middle half -1.4% to +2.0%), and +0.2% over 20.
After 1,040 past bullish report events, Corn moved a median +0.5% over 5 sessions (62% higher; middle half -0.9% to +2.0%), and +0.8% over 20.
After 399 past bearish report events, Soybean Meal moved a median -0.4% over 5 sessions (44% higher; middle half -2.4% to +1.2%), and -1.0% over 20.
After 788 past bearish report events, Soybeans moved a median -0.3% over 5 sessions (47% higher; middle half -2.0% to +1.5%), and -0.9% 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.
