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The USDA's July WASDE raised world wheat production by 6 million tonnes, led by a 3.5 million tonne increase in the US, and raised corn output by 4 million tonnes. Global wheat ending stocks were put at 257 million tonnes, still at an 11-year low on a stocks-to-use basis.
Higher US wheat and corn supplies are bearish for grain prices, though low stocks-to-use provides some support.
mecardo.com.auAngus BrownJul 16, 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 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.
After 563 past neutral report events, Soybeans moved a median -0.1% over 5 sessions (48% higher; middle half -1.7% to +1.6%), and -0.1% 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.
