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A market commentary on the June 12 WASDE says the report contained no unexpected or bullish figures apart from a lower soybean stocks number. Funds bought corn, hard wheat numbers and crop conditions were supportive, and Canadian canola deliveries reached a record 17 million tonnes year to date.
The author expects volatility during the current weather market.
Ample overall stocks limit upside, but the fund buying in corn and hard wheat and the strong Canadian canola supply shape near-term price swings. Canola supply is ample, which weighs on canola meal.
mercantileventure.comMarlene BoerschJun 12, 2017After 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 180 past bullish report events, Wheat (HRW) moved a median +0.4% over 5 sessions (53% higher; middle half -2.1% to +3.7%), and -0.6% over 20.
Not enough comparable past events yet for a historical read.
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.
