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Chicago wheat rose sharply on February 9 after USDA's report showed slower-than-expected U.S. stock growth and lower world wheat output, led by a 3 million ton cut in Indian stocks. Soybeans fell because USDA left U.S. soybean stocks unchanged and kept its Brazil yield steady, while corn dropped by a smaller amount.
Tighter world wheat supplies support wheat prices, while unchanged soybean stocks and higher Brazilian and Argentine supply weigh on soy. Corn's decline suggests the market saw limited ending stock support.
grainsprices.comGate.BGFeb 10, 2017After 769 past bullish report events, Wheat (SRW) moved a median +0.2% over 5 sessions (53% higher; middle half -1.4% to +2.0%), and +0.2% over 20.
After 788 past bearish report events, Soybeans moved a median -0.3% over 5 sessions (47% higher; middle half -2.0% to +1.5%), and -0.9% over 20.
After 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.
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.
