Loading…
ZMP reports that USDA data show US wheat planted area for 2017 is the lowest since 1919, and it expects a wheat crop about 20% below prior years. Corn inventories are high, and US farmers have shifted about 4% of acres from corn toward soybeans.
Russian wheat has been hit by late frost, while Russia's state intervention prices have been lowered.
Low US wheat output and Russian frost losses support wheat prices, while high corn stocks and acreage shifts keep corn supply comfortable for feed buyers.
zmp.deApr 4, 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 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.
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.
