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Wheat futures traded sharply lower after the July 11 WASDE showed higher-than-anticipated production, with Minneapolis falling to $7.46. Winter wheat was raised to 1.279 billion bushels and spring wheat to 423 million, though 2017-18 ending wheat stocks were trimmed to 122 million bushels from 235 million.
Higher production trims ending stocks and pressures wheat prices, although the stocks figure still implies a comfortable supply.
agweek.comRay Grabanski, Progressive AgJul 16, 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.
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.
