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CBOT wheat futures fell on Friday after a Kansas crop tour projected above-average winter wheat yields, with the tour estimating yield potential at 46.5 bushels per acre, the highest since 2021. Corn also closed lower on improving U.S. weather forecasts, while soybeans rose on concern about flood damage in southern Brazil.
A larger-than-expected Kansas HRW crop eases supply worries and pressures wheat and feed-grain prices. Better U.S. weather lowers the risk premium in corn.
grainews.caMay 17, 2024After 1,006 past bearish report events, Wheat (SRW) moved a median +0.0% over 5 sessions (50% higher; middle half -1.6% to +1.8%), and +0.3% over 20.
After 138 past bearish report events, Wheat (HRW) moved a median +0.0% over 5 sessions (50% higher; middle half -2.9% to +2.4%), and +0.5% over 20.
After 1,102 past bearish report events, Corn moved a median -0.2% over 5 sessions (47% higher; middle half -1.8% to +1.3%), and +0.0% 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.
