Loading…
Chicago crop prices fell sharply on Wednesday after USDA's monthly report, with wheat and corn leading losses and Paris wheat also declining. USDA cut world wheat production to 737.83 million tonnes, with reductions for Australia, China, the EU, Ukraine and the US, partly offset by increases for Russia, Turkey and the Black Sea region.
A lower world wheat production forecast tightens global supply, which supports wheat prices and raises feed wheat costs. Offsetting increases in Russia and the Black Sea limit the upside.
grainsprices.comGate.BGJul 13, 2017After 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 1,102 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 129 past bearish report events, Crude Oil (Brent) moved a median -1.3% over 5 sessions (45% higher; middle half -3.9% to +2.5%), and +0.4% 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.
