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The IGC published its July report on the 2021/22 world grain balance. Chicago SRW wheat, corn and soybean futures rose, and Paris wheat, corn and rapeseed also climbed sharply.
North Dakota spring wheat yields were forecast to drop to 24.6 bushels per acre.
A combination of IGC downgrades and North Dakota drought losses supports wheat prices and tightens the global balance sheet heading into the new crop year.
grainsprices.comGate.BGJul 30, 2021After 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 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 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.
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.
