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USDA's 2022 Crop Production Annual Summary put US corn output at 13.7 billion bushels, down 9% from 2021, with yield at 173.3 bu/acre. Soybean production totaled 4.28 billion bushels, down 4%, and cotton output fell 16%.
The Winter Wheat Seedings report put 2023 winter wheat planted area at 37.0 million acres, up 11%.
Smaller 2022 corn and soybean crops tighten old-crop supplies and stocks, supporting prices. The larger winter wheat area is a bearish offset for wheat over the longer term.
nass.usda.govJan 12, 2023After 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 747 past bullish report events, Soybeans moved a median +0.3% over 5 sessions (54% higher; middle half -1.4% to +2.1%), and +0.8% over 20.
After 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 138 past bearish report events, Wheat (HRW) moved a median +0.0% over 5 sessions (50% higher; middle half -2.9% to +2.4%), and +0.5% 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.
