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USDA's December WASDE cut 2018/19 U.S. wheat exports by 25 million bushels to 1.0 billion, all in hard red winter. Wheat ending stocks rose 25 million bushels to 974 million, and corn ending stocks rose 45 million bushels on lower ethanol use and reduced imports.
Lower exports and higher US ending stocks for wheat and corn add supply and weigh on prices for feed grains and wheat. The farm price range was narrowed to $5.05 to $5.25 per bushel.
allagnews.comTony St. JamesDec 12, 2018After 1,006 past bearish report events, WHEAT moved a median +0.0% over 5 sessions (50% higher; middle half -1.6% to +1.8%), and +0.3% over 20.
After 138 past bearish report events, KWHEAT moved a median +0.0% over 5 sessions (50% higher; middle half -2.9% to +2.4%), and +0.5% 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.
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.
