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Farmdoc daily analyzed the July 12 WASDE, which updated corn and soybean balance sheets for June Acreage data but left yield estimates unchanged despite Midwest dryness concerns. The result was a slight increase in projected corn ending stocks.
Keeping yields unchanged while dryness persists means the balance sheet may overstate supply, so a downward yield revision in August would be bullish for corn prices.
farmdocdaily.illinois.eduHongxia JiaoJul 18, 2022After 770 past neutral report events, Corn moved a median +0.2% over 5 sessions (54% higher; middle half -1.1% to +1.6%), and +0.7% over 20.
After 563 past neutral report events, Soybeans moved a median -0.1% over 5 sessions (48% higher; middle half -1.7% to +1.6%), and -0.1% 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.
