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Following the July WASDE, Chicago December wheat fell 19.25 cents to 575.75 cents per bushel and Kansas and Minneapolis wheat also dropped sharply. December corn rose 4 cents while November soybeans fell 2.5 cents.
The report cut U.S. corn 2024-25 ending stocks to 2.097 billion bushels and raised U.S. wheat stocks to 856 million bushels.
The wheat drop reflects the larger supply outlook, while the firmer corn price shows the tighter stocks number is supporting feed grain values. Soybeans eased modestly on the report.
graincentral.comGuest AuthorJul 14, 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 1,040 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 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.
