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Wheat fell on a higher USDA winter wheat production projection, and soybeans were modestly lower after trade talks with China ended without an announced agreement. The USDA raised US old-crop ending stocks to a record and cut China's 2018/19 soybean import estimate due to African Swine Fever.
Record US stocks and a lower China import estimate weigh on wheat, soybean and soymeal prices, though planting delays could tighten the new-crop outlook.
brownfieldagnews.comMay 10, 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 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.
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 399 past bearish report events, Soybean Meal moved a median -0.4% over 5 sessions (44% higher; middle half -2.4% to +1.2%), and -1.0% 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.
