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Chicago wheat futures fell nearly 3% on January 12 to their largest daily decline since August after USDA showed U.S. winter wheat plantings above expectations. Corn hit contract lows after USDA raised its corn production estimate on record yields, while soybeans recovered from four-month lows.
Larger-than-expected wheat plantings and record corn yields point to ample feed grain supplies, pressuring corn and wheat prices. Soybeans found some support from the trimmed crop estimate.
agcanada.comAGCanadaJan 12, 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 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 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.
