◂ Event Timeline

Jan 15, 2024REPORTUS

WASDE update: Higher US corn and soybean supplies

The USDA raised its 2023/24 US corn production estimate to a record 15.34 billion bushels and soybean ending stocks to 280 million bushels, both above expectations. Global corn ending stocks were also raised on larger supplies in the US and China.

WHY IT MATTERS

Larger-than-expected US corn and soybean supplies are bearish for prices and point to ample feed grain availability for buyers.

AFFECTSCORN▼SOY▼

SOURCE
think.ing.comWarren PattersonJan 15, 2024

Price reaction & history

CORN▼bearishSO FAR1d +1.0%5d +0.8%20d -4.7%

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.

Sep 13, 2023WASDE update: Tighter wheat and looser corn market | articles | ING THINK-7.1%
Jan 13, 2022WASDE update: Poor South American weather weighs on supply prospects | articles | ING THINK-1.3%
Jul 13, 2021WASDE update: Global wheat stocks tighten | articles | ING THINK-10.7%
Nov 9, 2022USDA Projects Higher Corn and Soybean Supply+1.6%
Mar 9, 2023WASDE update: Argentine crops downgraded | articles | ING THINK-1.0%

SOY▼bearishSO FAR1d +1.8%5d +1.5%20d -1.1%

After 788 past bearish report events, SOY moved a median -0.3% over 5 sessions (47% higher; middle half -2.0% to +1.5%), and -0.9% over 20.

Apr 12, 2021WASDE update: Tightening corn balance | articles | ING THINK+2.2%
Aug 15, 2022WASDE update: Further tightening for corn expected | articles | ING THINK-10.8%
Nov 9, 2022USDA Projects Higher Corn and Soybean Supply+0.9%
May 13, 2024WASDE update: Supportive grain estimates for 2024/25 | articles | ING THINK+1.9%
Nov 10, 2023WASDE update: Bearish release weighs on grains | articles | ING THINK+2.4%

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.

CORN · GP ▸

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SOY · GP ▸

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