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DTN reports that the June WASDE showed record world wheat ending stocks of 316 million metric tons and minimal changes to US corn. Soybean 2020-21 changes were the most substantive, and July corn and soybeans closed slightly higher while Kansas City wheat fell 10.5 cents.
Record world wheat stocks weigh on wheat prices and make wheat a cheaper feed alternative, while the small soybean changes give soy prices only slight support.
dtnpf.comDana MantiniJun 11, 2020After 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 138 past bearish report events, Wheat (HRW) moved a median +0.0% over 5 sessions (50% higher; middle half -2.9% to +2.4%), and +0.5% over 20.
After 770 past neutral report events, Corn moved a median +0.2% over 5 sessions (54% higher; middle half -1.1% to +1.6%), and +0.7% 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.
