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Wheat fell as USDA projected a bigger-than-expected northern Plains spring wheat crop, sending MGEX spring wheat down 4.2 percent. Corn and soybeans edged higher after USDA raised its corn yield forecast to 169.5 bu/ac, below its prior 170.7 but well above trade estimates of 166.2.
Bigger US spring wheat supplies and USDA's yield estimates point to ample feed grain supply, which pressures wheat and corn prices lower.
grainews.caGFM Network NewsAug 11, 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 563 past neutral report events, Soybeans moved a median -0.1% over 5 sessions (48% higher; middle half -1.7% to +1.6%), and -0.1% 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.
