Loading…
The USDA's March world supply and demand estimates left the 2022/23 US wheat outlook unchanged at a $9.00 per bushel farm price. Global wheat ending stocks were cut 2.1 million tons to 267.2 million on lower Chinese stocks, despite higher production in Kazakhstan, Australia and India.
US corn exports were reduced 75 million bushels on weak sales, raising ending stocks.
Lower global wheat stocks are supportive for wheat prices, while the larger US corn carryout and cut exports weigh on corn. Feed buyers should expect corn to stay well supplied.
therooseveltreview.comQuaylene ParkeyMar 9, 2023After 769 past bullish report events, Wheat (SRW) moved a median +0.2% over 5 sessions (53% higher; middle half -1.4% to +2.0%), and +0.2% 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.
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.
