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ING said the July WASDE was relatively bearish overall, with U.S. corn production raised to 15.1 billion bushels and 2024-25 corn stocks at 2.097 billion bushels, below the roughly 2.29 billion expected. Soybean 2024-25 ending stocks were cut, and wheat supply prospects improved.
Corn ending stocks were pulled down by stronger demand and lower 2023/24 stocks.
The corn and soybean stock cuts are supportive for prices, but the higher wheat and global output estimates weigh on the market. For feed buyers, corn and soymeal costs are likely to stay firm while wheat stays cheaper.
think.ing.comWarren PattersonJul 15, 2024After 1,040 past bullish report events, Corn moved a median +0.5% over 5 sessions (62% higher; middle half -0.9% to +2.0%), and +0.8% 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 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.
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.
