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USDA's May 2022 WASDE projected U.S. corn production down 4.3% from last year amid a slow planting start. Winter wheat production in the southern Plains was at historic lows, and all-wheat supplies were projected down 3%.
The report also noted Ukraine's war would leave nearly 30% of its farmland unplanted.
A smaller US corn crop and tighter wheat supplies reduce exportable stocks and support prices for feed grains and wheat. The war-related Ukrainian planting losses add further upward pressure on global grain prices.
feedandgrain.comFeed, Grain StaffMay 13, 2022After 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 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 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.
Not enough comparable past events yet for a historical read.
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.
