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Global futures fell sharply after the Pro Farmer crop tour confirmed a large U.S. harvest, with corn yield estimated at 177.3 bushels per acre and soybeans at 53 bushels per acre. Wheat fell most as funds liquidated more than a third of their long positions.
Russia downplayed rumors of wheat export restrictions.
A larger-than-expected U.S. crop adds ample supply and weighs on corn and soybean prices, while Chinese demand for U.S. soybeans remains uncertain. Wheat's drop reflects fund selling rather than a change in its tight global balance.
graincentral.comGuest AuthorAug 28, 2018After 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.
After 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.
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.
