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Wheat prices eased slightly after the October USDA report before rallying later in the week alongside corn. Chicago SRW, Kansas HRW and Minneapolis HRS futures all fell in the report's aftermath, while export sales were 20% below last year's pace.
Wheat's price swings after the USDA report and weaker export sales affect feed grain costs, but the rally into the week's end points to firm underlying demand.
graintrade.com.uaOct 18, 2021After 406 past neutral report events, Wheat (SRW) moved a median -0.2% over 5 sessions (47% higher; middle half -1.6% to +1.5%), and +0.0% 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.
