
USDA's January reports cut 2022-23 corn production by 200 million bushels to 13.730 billion, the lowest in three years, and lowered corn export demand by 150 million bushels. DTN analysts called US ending stocks estimates bullish for corn, soybeans and wheat.
A smaller crop and lower ending stocks tighten the US feed grain balance, which supports corn and feed prices, although the demand cut partly offsets it.
After 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 1,040 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.
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.