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USDA cut its 2022 US corn and soybean harvest estimates, with crops struggling late in the season, and also cut Argentina's corn and soybean forecasts because of drought. The agency reported the largest winter wheat planting in eight years, though dry soils could limit yields.
Chicago soybean and corn futures and Kansas City HRW wheat futures rallied after the release.
Smaller US and Argentine crops tighten global supplies of feed grains and soymeal, supporting prices. Large winter wheat acreage limits the wheat rally unless dry soils hurt yields.
agweek.comMark Weinraub, ReutersJan 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, SOY moved a median +0.3% over 5 sessions (54% higher; middle half -1.4% to +2.1%), and +0.8% over 20.
After 414 past bullish report events, SBM moved a median -0.1% over 5 sessions (48% higher; middle half -2.1% to +2.3%), and +0.3% 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.
