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Reuters reports that CBOT wheat fell after USDA unexpectedly raised its global supply outlook, citing larger crops in Australia, the UK and Kazakhstan. Corn and soybean futures rebounded from early losses as traders weighed higher demand against slightly larger US harvest estimates.
A higher world wheat supply outlook and a firmer dollar push wheat lower, and hopes for continued Ukrainian port shipments add to the bearish tone. Corn and soybeans drew some support from the demand upgrade.
agriculture.comReutersNov 9, 2022After 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 747 past bullish report events, Soybeans moved a median +0.3% over 5 sessions (54% higher; middle half -1.4% to +2.1%), and +0.8% 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.
