# Corn Surges on Lower-Than-Expected Stocks; Wheat, Soy Finish With Solid Gains After Mostly Neutral Report

> USDA's May WASDE and Crop Production reports showed a lower-than-expected 2023-24 corn carryout of 2.022 billion bushels, driven by higher domestic usage and 50 million bushels more exports. The 2024-25 corn estimate of 14.9 billion bushels assumed a record 181 bu/acre yield on 90 million planted acres. Wheat production came in 40 million bushels below trade expectations, while soybean changes were minor.

- Date: 2024-05-10 · published 2024-05-10T12:00:00.000Z
- Category: report · region US · magnitude high
- Page: https://feedsoft.ai/events/30213-corn-surges-on-lower-than-expected-stocks-wheat-soy-finish-with-solid-gains
- Commodities: [Corn](https://feedsoft.ai/c/CORN.md), [Wheat (SRW)](https://feedsoft.ai/c/WHEAT.md), [Soybeans](https://feedsoft.ai/c/SOY.md)

## Why it matters

Tighter-than-expected corn stocks and a smaller wheat crop support prices for feed grains, and buyers should expect firmer corn and wheat costs. The record yield assumption leaves room for a downside correction if summer weather is favorable.

## Read by commodity

- SOY: neutral
- CORN: bullish ▲
- WHEAT: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| CORN | 2020-09-30 | [Corn, soy, wheat surge on lower-than-expected U.S. grain stocks \| Financial Post](https://feedsoft.ai/events/8786-corn-soy-wheat-surge-on-lower-than-expected-u-s-grain-stocks-financial-post.md) | +1.5% | +11.3% |
| CORN | 2024-09-30 | [USDA Report Snapshot: Corn, soybean stocks lighter than expected - Pro Farmer](https://feedsoft.ai/events/28254-usda-report-snapshot-corn-soybean-stocks-lighter-than-expected-pro-farmer.md) | +1.0% | -0.6% |
| CORN | 2019-09-30 | [U.S. grains: Soy, corn rally on smaller-than-expected stockpiles - Manitoba Co-operator](https://feedsoft.ai/events/57114-u-s-grains-soy-corn-rally-on-smaller-than-expected-stockpiles-manitoba-co.md) | -0.9% | +1.1% |
| CORN | 2025-05-12 | [USDA Reduces Old Crop Corn Ending Stocks, Pegs New Crop Lower Than Expected](https://feedsoft.ai/events/24606-usda-reduces-old-crop-corn-ending-stocks-pegs-new-crop-lower-than-expected.md) | +0.0% | +1.9% |
| CORN | 2025-04-11 | [WASDE Report Cuts Corn Ending Stocks More Than Expected - ProAg](https://feedsoft.ai/events/25066-wasde-report-cuts-corn-ending-stocks-more-than-expected-proag.md) | +1.7% | -4.0% |
| WHEAT | 2020-09-30 | [Corn, soy, wheat surge on lower-than-expected U.S. grain stocks \| Financial Post](https://feedsoft.ai/events/8786-corn-soy-wheat-surge-on-lower-than-expected-u-s-grain-stocks-financial-post.md) | +2.5% | +4.6% |
| WHEAT | 2022-12-09 | [Lastest WASDE, Ending stocks Estimates were Neutral for Corn, Soybeans and Wheat - Oklahoma Farm Report](https://feedsoft.ai/events/38190-lastest-wasde-ending-stocks-estimates-were-neutral-for-corn-soybeans-and-wheat.md) | +10.3% | +8.2% |
| WHEAT | 2024-12-10 | [USDA forecasts lower US wheat stocks, raises corn exports in latest WASDE report \| Feed & Grain](https://feedsoft.ai/events/26902-usda-forecasts-lower-us-wheat-stocks-raises-corn-exports-in-latest-wasde-report.md) | -0.2% | -0.5% |

## Sources

- dtnpf.com: https://www.dtnpf.com/agriculture/web/ag/news/article/2024/05/10/corn-surges-lower-expected-stocks

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.