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Wheat futures fell after a USDA report raised global wheat stocks to 279.95 million tons, above expectations. Brazil's soybean output was cut to 139 million tons from 144 million, below the 141.6 million analysts expected.
US corn was also seen with bigger-than-expected domestic production and stocks.
Brazilian soybean shortfall in dry weather could lift world bean demand for US supplies and support prices, while bigger wheat and corn stocks add bearish pressure.
ukragroconsult.comJan 13, 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 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.
After 1,102 past bearish report events, Corn moved a median -0.2% over 5 sessions (47% higher; middle half -1.8% to +1.3%), 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.
