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UK feed wheat futures for November 2021 rose from £161.25/t to £164.5/t after a USDA report on March 31 showed lower-than-expected US corn and soybean plantings. US soybean stocks on March 1 were down 31% year on year.
Wheat planted area was broadly in line with estimates.
Smaller-than-expected US corn and soybean area tightens feed grain supply and supports feed wheat prices. Traders noted the numbers were hard to reconcile with earlier USDA guidance.
fwi.co.ukLauren HarrisApr 1, 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.
Confirms the USDA report showed lower-than-expected soybean plantings and 31% lower March 1 stocks, a bullish supply surprise.
