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Analysts on the Agweek market wrap said the July USDA supply and demand report was better for corn than expected, driven by a significant drop in old-crop stocks from higher feed demand and exports. The report was negative for wheat, with stocks up about 100 million bushels and record North Dakota spring wheat yields.
Soybeans were seen as neutral.
Tighter old-crop corn stocks support corn values for feed buyers, while higher wheat stocks keep wheat prices under pressure. The market's limited wheat sell-off reflects the offsetting corn support.
agweek.comMichael JohnsonJul 12, 2024After 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 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.
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.
