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The June WASDE was broadly neutral for markets, with USDA raising world wheat output about 1% on stronger South American production. USDA also projects a record US feed grain crop, up 5% on last year, with US corn driving most of the increase.
A projected record US corn crop, combined with weak feed demand from African swine fever and lower ethanol demand, points to low feed grain prices into next year.
stockco.com.auCaitlin DeardenJun 17, 2020After 1,102 past bearish report events, Corn moved a median -0.2% over 5 sessions (47% higher; middle half -1.8% to +1.3%), and +0.0% 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.
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.
