🌾 June WASDE Report Surprises Wheat Bulls
USDA released its June WASDE report today
Biggest takeaway:
Wheat numbers were more supportive than expected
Hard Red Winter Wheat production:
Cut another 18 million bushels
Wheat carryout:
Reduced by the same amount
Wheat stocks estimate:
Trade expected 760 million bushels
USDA came in at 744 million bushels
📌 Initial reaction:
Kansas City wheat rallied double digits
Chicago wheat also posted strong early gains
🌽 Corn & Soybeans Unable to Hold Support
Corn and soybean numbers were largely in line with expectations
No major bullish surprises for row crops
Traders quickly returned to a:
“Sell the rally” mentality
Seasonal selling pressure resurfaced throughout the day
