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Corn, wheat and soybeans fell sharply after the USDA July report, which raised the corn production estimate after a larger-than-expected June acreage number. Old and new crop corn ending stocks rose, while winter wheat production was raised and world wheat ending stocks were lowered to 260.60 million tons.
Higher corn production and rising ending stocks signal ample feed grain supply, which pressures prices. Soybean meal and oil also followed beans lower, reducing feed input costs.
brownfieldagnews.comJohn PerkinsJul 12, 2017After 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 138 past bearish report events, Wheat (HRW) moved a median +0.0% over 5 sessions (50% higher; middle half -2.9% to +2.4%), and +0.5% 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 399 past bearish report events, Soybean Meal moved a median -0.4% over 5 sessions (44% higher; middle half -2.4% to +1.2%), and -1.0% 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.
