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North Dakota's average winter wheat yield rose 11 bushels per acre from June's estimate to a record 58 bushels in USDA's July crop production report. Grains closed the first full trading week of July higher after heavy early selling, with markets watching rain chances in drought-affected areas.
Record yields add bearish pressure on wheat supply, while drought concerns in growing areas could limit further downside in corn and soybeans.
agweek.comRandy MartinsonJul 15, 2022After 334 past bearish weather events, Wheat (SRW) moved a median -0.2% over 5 sessions (47% higher; middle half -1.9% to +1.7%), and -0.2% over 20.
After 70 past bearish weather events, Wheat (HRW) moved a median -0.6% over 5 sessions (41% higher; middle half -3.9% to +2.5%), and -1.1% over 20.
After 445 past neutral weather events, Corn moved a median +0.1% over 5 sessions (52% higher; middle half -1.4% to +1.6%), and +0.7% over 20.
After 324 past neutral weather events, Soybeans moved a median +0.0% over 5 sessions (52% higher; middle half -1.4% to +1.7%), and +0.7% 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.
