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Futures for corn, soybeans and wheat fell after bearish USDA numbers. Spring wheat and durum estimates were cut sharply due to northern Plains drought, but higher winter wheat output and larger global supplies offset those losses.
The corn carryout forecast was raised, which was seen as the most bearish element.
Higher U.S. corn carryout and a large global surplus point to ample feed grain supplies and lower prices. Drought-hit spring wheat provides only limited support given the wider surplus.
farmprogress.comJul 12, 2017After 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 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 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.
