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ProAg's review of the June USDA reports says the WASDE caused minimal market reaction, with July corn up 3.5 cents and July soybeans up 0.5 cent. Kansas City July wheat closed down 10.5 cents after a record world wheat ending stocks figure of 316 million tonnes.
Record world wheat stocks keep HRW and feed wheat prices under pressure, while corn and soybeans show only small moves on a balanced report.
proag.comJun 12, 2020After 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 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 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 563 past neutral report events, Soybeans 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.
