
USDA's June WASDE report cut 2017/18 US corn and soybean ending stocks below May estimates and slightly below trade expectations. Wheat ending stocks were roughly unchanged.
CME July corn closed 10 cents higher and July wheat 20 cents higher.
Tighter old-crop US corn and soybean supplies support nearby prices and reduce the feed grain cushion for buyers. The market reaction shows the report was read as friendly.
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 747 past bullish report events, Soybeans moved a median +0.3% over 5 sessions (54% higher; middle half -1.4% to +2.1%), 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.