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Pro Farmer reports corn and soybeans were mildly firmer overnight ahead of USDA's July crop reports, with weekend rains ample across most of the Midwest except northern areas. Spring wheat rose while winter wheat slipped.
USDA will update its balance sheets without survey-based crop estimates, and analysts expect old-crop corn carryover to be trimmed and wheat carryover to slide.
Expectations of a tighter old-crop corn carryover and lower wheat carryover support feed grain prices ahead of the report. Dry northern Corn Belt conditions add modest support, while favorable rains elsewhere limit upside.
profarmer.comBrian GreteJul 12, 2021After 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.
After 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.
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.
