Loading…
USDA's October WASDE made only small changes, with U.S. corn production raised slightly and soybean production trimmed. Corn exports were revised up and 2024/25 ending stocks were lowered.
Soybean and wheat futures fell after the report, with December Chicago wheat down about 8 cents.
Higher corn output and softer soybean and wheat futures signal weaker prices for feed grains, with the trade focused on finding demand for large crops. Export upgrades offer some support but did not offset the bearish supply signals.
farmprogress.comBen Potter, Bruce BlytheOct 11, 2024After 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.
After 788 past bearish report events, SOY moved a median -0.3% over 5 sessions (47% higher; middle half -2.0% to +1.5%), and -0.9% over 20.
After 1,006 past bearish report events, WHEAT moved a median +0.0% over 5 sessions (50% higher; middle half -1.6% to +1.8%), and +0.3% 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.
