Loading…
Mecardo says the August WASDE showed benign global supply and demand changes, with US corn and soybean production trimmed slightly and largely expected. Markets showed little reaction, and Ukraine's wheat output was raised 3.5 million tonnes while Canada's was cut 2 million.
Limited revisions and a muted market reaction mean the report offers little new price direction for corn, soybeans or wheat, though the Canadian wheat cut is mildly supportive.
mecardo.com.auAngus BrownAug 15, 2023After 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.
After 563 past neutral report events, SOY moved a median -0.1% over 5 sessions (48% higher; middle half -1.7% to +1.6%), and -0.1% over 20.
After 406 past neutral report events, WHEAT moved a median -0.2% over 5 sessions (47% higher; middle half -1.6% to +1.5%), 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.
