Loading…
USDA released its monthly WASDE and crop production reports on July 12, 2017. Winter wheat production was raised to 1.279 billion bushels, spring wheat came in at 423 million bushels, and durum was pegged at 57 million bushels, below pre-report estimates.
Corn 2017-18 production was raised to 14.255 billion bushels and soybean production to 4.26 billion bushels.
Larger-than-expected wheat, corn and soybean supplies and bearish U.S. and world ending stocks for corn and wheat point to lower feed grain and wheat prices, with soybeans mixed.
northernag.netJul 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 138 past bearish report events, Wheat (HRW) moved a median +0.0% over 5 sessions (50% higher; middle half -2.9% to +2.4%), and +0.5% 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.
