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Front-month wheat fell below $5.38 after USDA raised its all-wheat production projection by more than 130 million bushels. Corn closed near $4 with USDA forecasting a 240 million bushel increase in the crop, and soybeans fell to a 10-week low below $11.35.
A larger USDA crop estimate and record US corn stocks point to ample feed grain supply and lower feed costs, while weak export demand adds further pressure.
fundamentalanalytics.comFundamental Analytics TeamJul 15, 2024After 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 1,102 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.
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.
Broad ag price slump with soybeans falling to a 10-week low following bearish WASDE grain supply revisions fed sentiment.
