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Chicago wheat futures closed above $5 a bushel on June 30, the first time in a year, as spring wheat supply concerns deepened. USDA cut its U.S. spring wheat planting estimate to 10.9 million acres, below both March intentions and trade expectations, and analysts flagged drought in the northern Plains.
Minneapolis spring wheat hit a three-year high, rising about 34% in June.
A smaller spring wheat crop and high-protein shortfall tighten supplies and support wheat prices, raising feed-grain alternatives' relative value. Soybeans and corn also firmed, lifting feed ingredient costs.
manitobacooperator.caGFM Network News, Julie IngwersenJun 30, 2017After 769 past bullish report events, WHEAT moved a median +0.2% over 5 sessions (53% higher; middle half -1.4% to +2.0%), and +0.2% over 20.
After 180 past bullish report events, KWHEAT moved a median +0.4% over 5 sessions (53% higher; middle half -2.1% to +3.7%), and -0.6% over 20.
After 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 747 past bullish report events, SOY 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.
