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Chicago wheat futures traded 20 cents higher and corn 10 cents higher after USDA's June WASDE. Wheat gained despite a higher US winter wheat estimate, on lower Russian and European production linked to drought in eastern Europe and the Black Sea region.
Corn strength came from lower US ending stocks and rising exports.
Drought-driven cuts in Black Sea and EU wheat output tighten global wheat supply and raise feed wheat competitiveness. Corn export demand and lower US stocks support feed grain prices.
hoosieragtoday.comProductionJun 13, 2018After 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.
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.
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.
