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USDA's January report raised the 2021 corn crop 53 million bushels to 15.115 billion, above trade expectations. Winter wheat seedings came in above expectations, and US and global wheat ending stocks rose from the prior month.
Larger wheat stocks and winter wheat seedings add supply, pressuring wheat prices and feed-grade substitution costs. Corn and soybean moves were modest because the data were close to expectations.
profarmer.comBrian GreteJan 12, 2022After 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 1,102 past bearish report events, Corn moved a median -0.2% over 5 sessions (47% higher; middle half -1.8% to +1.3%), and +0.0% 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.
