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USDA's July WASDE raised U.S. corn production for 2018-19 to 14.2 billion bushels and soybean production to 4.3 billion bushels. Winter wheat production was pegged at 1.193 billion bushels, and total wheat production rose to about 1.88 billion bushels.
A larger U.S. wheat crop adds supply pressure on wheat prices, while the corn and soybean changes mirror the broader report's bullish corn and bearish soybean effects.
northernag.netJul 13, 2018After 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 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 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.
