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USDA's July WASDE raised 2018-19 U.S. wheat supplies by 74 million bushels and wheat production to 1,881 million bushels. It also tightened corn stocks and raised soybean ending stocks.
Higher wheat supplies are bearish for wheat, while the smaller corn carryout supports corn prices. The soybean stock increase adds pressure to beans.
lakeviewgrainsllc.comJul 12, 2018After 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 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.
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.
