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USDA's June WASDE raised its forecast for soft red and white winter wheat but cut hard red winter wheat amid Plains drought. Soybean futures eased from 10-year highs after USDA added bushels to South American crops, and corn rose slightly on smaller Ukrainian and Chinese crops.
Lower hard red winter wheat supplies support KWHEAT prices, while larger South American soybean supplies pressure soybean and meal values. Smaller Ukrainian and Chinese corn crops give corn a modest lift.
farmprogress.comBen PotterJun 10, 2022After 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 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 399 past bearish report events, Soybean Meal moved a median -0.4% over 5 sessions (44% higher; middle half -2.4% to +1.2%), and -1.0% 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.
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.
