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ADM Investor Services summarized the May 12 WASDE as bullish for wheat, supportive for soybeans and neutral for corn. It highlighted U.S. wheat production of 1.561 billion bushels, HRW at 515 million against 630 million expected, and 2026/27 soybean stocks at the low end of expectations.
The report's below-expectation wheat and soybean stocks point to firmer prices for those grains and for the meal and feed products made from them.
admis.comMark SoderbergMay 12, 2026After 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 180 past bullish report events, Wheat (HRW) moved a median +0.4% over 5 sessions (53% higher; middle half -2.1% to +3.7%), and -0.6% 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.
After 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.
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.
The May 12 WASDE was read as bullish for wheat, with HRW output at 515 mil bu against 630 mil expected, a supply-driven repricing of HRW.
Analyst summary calls the WASDE bullish for wheat, with HRW at 515 mbu versus 630 expected.
