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December corn futures traded within a $4.20 to $4.50 range after USDA's July WASDE, which showed corn production 195 million bushels above June and about 375 million above the trade average. The corn market recovered from early weakness to close sharply higher.
Wheat also rose after USDA cut foreign wheat production by an unexpected 10 million metric tons.
The corn rally reflects skepticism about the large crop estimate, and the foreign wheat cut supports wheat prices for feed buyers.
dtnpf.comDana MantiniJul 11, 2019After 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 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.
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.
