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Sept corn closed up 1.75 cents on the day but down 8.5 cents on the week, while Sept KC, Chicago and Minneapolis wheat closed lower. USDA raised US 2024/25 wheat ending stocks to 856 million bushels and pegged US production at 2.008 billion bushels, the largest in eight years.
A larger-than-expected US wheat crop and higher stocks point to continued bearish pressure on wheat and weigh on feed grain prices.
westernagnetwork.comJul 12, 2024After 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 138 past bearish report events, Wheat (HRW) moved a median +0.0% over 5 sessions (50% higher; middle half -2.9% to +2.4%), and +0.5% over 20.
After 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.
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.
USDA raised ending stocks to 856 mil bu and put US production at 2.008 billion bu, the largest in eight years, and KC, Chicago and Minneapolis wheat closed lower, which supports the bearish supply shock.
