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The June WASDE left U.S. corn outlook unchanged from May and kept South American corn estimates steady. Wheat prices fell after USDA raised U.S. hard red winter production and trimmed Russian and Brazilian crop cuts below what the market expected.
Soybean prices also dropped as the report showed smaller reductions to Brazil's crop than traders had hoped.
Higher U.S. wheat output and softer global import demand add to bearish wheat pressure. Smaller-than-expected Brazilian soybean cuts leave soybean supplies ample.
farmprogress.comBen Potter, Jacqueline HollandJun 12, 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 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.
After 770 past neutral report events, Corn moved a median +0.2% over 5 sessions (54% higher; middle half -1.1% to +1.6%), and +0.7% 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.
