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USDA's May WASDE projected the 2018 U.S. corn crop at 14.0 billion bushels with a 174 bushel yield, and soybeans at 4.2 billion bushels, down 112 million from last year. The 2018/19 wheat crop was raised 5% to 1.8 billion bushels, with drought affecting winter wheat in Kansas, Oklahoma and Texas.
A smaller soybean crop and drought-hit Plains winter wheat support prices, while the larger overall wheat crop limits gains.
hoosieragtoday.comProductionMay 11, 2018After 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 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 406 past neutral report events, Wheat (SRW) moved a median -0.2% over 5 sessions (47% higher; middle half -1.6% to +1.5%), and +0.0% over 20.
After 180 past bullish report events, Wheat (HRW) moved a median +0.4% over 5 sessions (53% higher; middle half -2.1% to +3.7%), and -0.6% 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.
