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Chicago, Kansas and Minneapolis wheat futures, MATIF wheat and rapeseed, July corn and July soybeans all closed lower on 10 May 2019. The USDA's May WASDE showed global wheat carryout near 293 million tonnes, and corn balance sheet expectations were discussed.
Large global wheat carryout is bearish for wheat prices, while expectations of a tighter US corn balance sheet in June offer limited support.
graincentral.comGuest AuthorMay 12, 2019After 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 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 788 past bearish report events, Soybeans moved a median -0.3% over 5 sessions (47% higher; middle half -2.0% to +1.5%), and -0.9% over 20.
Not enough comparable past events yet for a historical read.
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.
