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Traders focused on the January USDA reports, where winter wheat planted area came in well below expectations and WASDE lowered yield and harvested area for record corn and soybean crops. The quarterly stocks report was in line with expectations.
Lower winter wheat area and reduced corn and soybean yields add support to grain prices as traders shift attention to spring planting and weather.
agweek.comAlex Norton, Beeson Inc.Jan 22, 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 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.
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, Soybeans 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.
