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The December WASDE left US corn and soybean production and stocks unchanged, though it cut US wheat carryout to 974 million bushels from 1.01 billion in November. European milling wheat futures traded little, with the March contract at €183 per tonne, and about 5% of planned wheat area in France and the UK remained unsown due to poor weather.
The lower US wheat stocks and unsown European area point to possible tighter wheat supplies ahead, which is supportive for wheat prices. Corn and soybeans see little change from the report.
en.boerenbusiness.nlNiels van der BoomDec 11, 2019After 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 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.
