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The October WASDE raised U.S. corn production by 17 million bushels, with yield up 0.2 bu/ac, and cut 2023/24 and 2024/25 corn ending stocks. Soybean production and yield were unchanged from September, and wheat ending stocks fell by 6 and 16 million bushels.
World corn ending stocks for 2024/25 fell by nearly 2 MMT.
Higher U.S. corn production offsets some of the tighter stocks, leaving the balance sheet mostly neutral to bearish for corn. The lower world corn stocks give slight support to the global corn price.
iowafarmbureau.comOct 16, 2024After 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.
After 406 past neutral report events, Wheat (SRW) moved a median -0.2% over 5 sessions (47% higher; middle half -1.6% to +1.5%), and +0.0% over 20.
After 563 past neutral report events, Soybeans moved a median -0.1% over 5 sessions (48% higher; middle half -1.7% to +1.6%), and -0.1% 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.
