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The October WASDE showed higher world wheat stocks than expected, as USDA offset lower U.S. stocks with higher imports and raised Ukraine's wheat numbers. USDA also cut Chinese corn supply and imports, and the report was seen as slightly negative for corn and neutral to soybeans.
Higher global wheat stocks weigh on wheat prices and reduce the need for export demand. The cut to China's corn imports removes some demand that the market may need to replace elsewhere.
agweek.comMichael JohnsonOct 11, 2024After 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.
