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USDA's January 12 reports slashed the 2016 soybean production estimate, triggering a rally that saw some profit taking overnight. The agency's first winter wheat seedings survey showed acreage down 10% to the lowest since 1909.
The smaller soybean crop and sharply reduced winter wheat area tighten supplies and support prices, with traders weighing whether unplanted wheat acres will shift to soybeans.
farmprogress.comJan 13, 2017After 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.
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.
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.
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.
