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Grain markets fell Friday after USDA's July WASDE report was read as mixed to bearish. Wheat dropped by double digits, soybeans slumped on technical selling, and corn saw slight gains despite USDA projecting production above 15 billion bushels.
Ample supply projections from the WASDE weigh on feed grain and wheat prices, with soybeans pressured by technical selling and lower meal and oil moves.
feedstuffs.comBen PotterJul 15, 2024After 770 past neutral report events, Corn moved a median +0.2% over 5 sessions (54% higher; middle half -1.1% to +1.6%), and +0.7% 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 1,006 past bearish report events, Wheat (SRW) moved a median +0.0% over 5 sessions (50% higher; middle half -1.6% to +1.8%), and +0.3% over 20.
After 399 past bearish report events, Soybean Meal moved a median -0.4% over 5 sessions (44% higher; middle half -2.4% to +1.2%), and -1.0% 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.
Grains fell after a mixed-to-bearish WASDE with soybeans slumping on technical selling, adding downward pressure to the complex.
