Loading…
USDA's Agricultural Outlook Forum projected 2018 US all-wheat production at 1.839 billion bushels, up 6% from 2017, with winter wheat seedings the lowest in 109 years. Corn and soybean output are forecast lower than 2017, which had a record soybean crop.
Lower projected corn and soybean output versus 2017 and drought-related abandonment risk in the Southern Plains support prices, while a larger wheat crop is a bearish offset.
world-grain.comRon SterkFeb 23, 2018After 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 40 past neutral report events, Wheat (HRW) moved a median -0.9% over 5 sessions (38% higher; middle half -3.1% to +1.6%), and -0.5% 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 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.
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.
