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On June 30, Chicago, Kansas and Minneapolis wheat, corn and soybeans rallied, with Chicago wheat up about 11 cents and corn up 9.5 cents. StatsCan pegged Canadian wheat planting at 24.97 million acres versus 25.2 million expected, and canola at 20.78 million acres, while US spring wheat conditions fell to 69% good-to-excellent.
Traders were watching the USDA acreage report that evening.
Smaller-than-expected Canadian wheat and canola plantings and falling US spring wheat ratings support grain prices, while the acreage report could move corn and soybean values sharply.
graincentral.comGuest AuthorJun 30, 2020After 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 180 past bullish report events, Wheat (HRW) moved a median +0.4% over 5 sessions (53% higher; middle half -2.1% to +3.7%), and -0.6% 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.
