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Chicago wheat spiked after USDA's Small Grains Summary cut the 2022 U.S. wheat crop to 1.650 billion bushels, below analysts' estimates and the August forecast. Corn rose on smaller-than-expected September 1 stocks while soybeans fell after larger-than-expected soybean stocks, and Russia's annexation of Ukrainian territory added geopolitical tension.
A smaller US wheat crop and tighter stocks support wheat and corn prices, while bigger soybean stocks pressure soy complex prices.
agriculture.comReutersSep 30, 2022After 769 past bullish report events, Wheat (SRW) moved a median +0.2% over 5 sessions (53% higher; middle half -1.4% to +2.0%), and +0.2% over 20.
After 180 past bullish report events, Wheat (HRW) moved a median +0.4% over 5 sessions (53% higher; middle half -2.1% to +3.7%), and -0.6% 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 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.
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.
