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Grains and oilseeds closed lower, with CBOT wheat down 5 cents, corn down 7.5 cents and soybeans down 6.25 cents. EU wheat production was forecast at 146.4 million tonnes, below USDA's 149.4 million, and corn was hit by improved US weather.
Lower EU wheat production estimates and tight major-exporter stocks support wheat prices, while improved US weather and weak export demand pressure corn. Feed buyers should watch wheat for support and corn for further declines.
graincentral.comGuest AuthorJun 27, 2018graincentral.comGuest AuthorJun 28, 2018After 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.
Not enough comparable past events yet for a historical read.
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.
