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Chicago wheat futures slid after USDA estimated record global wheat stocks of 316.1 million tonnes in its June report. Corn rose on higher ethanol demand than expected, and soybeans were near unchanged as export expectations were lowered.
Record global wheat supplies are bearish for wheat as a feed ingredient, while the ethanol-driven corn gain shows a modest supportive effect for corn prices.
brecorder.comReutersJun 11, 2020After 1,006 past bearish report events, WHEAT moved a median +0.0% over 5 sessions (50% higher; middle half -1.6% to +1.8%), and +0.3% 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 563 past neutral report events, SOY moved a median -0.1% over 5 sessions (48% higher; middle half -1.7% to +1.6%), and -0.1% 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.
