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USDA's May WASDE projected a 14.86 billion bushel 2024/25 corn crop at 181 bu/acre and a 4.45 billion bushel soybean crop at 52 bu/acre. Corn ending stocks came in below trade estimates, soybean stocks above, and wheat production below expectations, sending wheat sharply higher.
Lower corn stocks and smaller wheat supplies tighten feed grain balance sheets, supporting feed costs, though an analyst views the soybean stocks figure as bearish.
After 769 past bullish report events, WHEAT moved a median +0.2% over 5 sessions (53% higher; middle half -1.4% to +2.0%), and +0.2% over 20.
After 563 past neutral report events, SOY moved a median -0.1% over 5 sessions (48% higher; middle half -1.7% to +1.6%), and -0.1% over 20.
After 1,040 past bullish report events, CORN moved a median +0.5% over 5 sessions (62% higher; middle half -0.9% to +2.0%), and +0.8% over 20.
After 180 past bullish report events, KWHEAT moved a median +0.4% over 5 sessions (53% higher; middle half -2.1% to +3.7%), and -0.6% 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.
