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The June 1 Crop Progress report showed spring wheat planting at 91% complete and winter wheat at 51% good/excellent, with spring wheat ratings at 80% good/excellent. Corn planting was 93% complete, slightly behind expectations, and corn condition rated 74% good/excellent.
Crop ratings above expectations for spring wheat and corn point to ample near-term supply, which tends to weigh on grain prices unless weather turns.
agweek.comRandy MartinsonJun 7, 2020After 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 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.
After 563 past neutral report events, Soybeans moved a median -0.1% over 5 sessions (48% higher; middle half -1.7% to +1.6%), and -0.1% 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.
