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USDA's December WASDE lowered U.S. 2023/24 corn ending stocks to 2.131 billion bushels and wheat ending stocks to 659 million bushels. Both were below the trade's expectations and the prior month's estimates, while soybean stocks were unchanged.
Tighter U.S. corn and wheat stocks support prices for both grains, and the lower wheat stocks add to pressure on feed-wheat supply.
agriculture.comCassidy WalterDec 8, 2023After 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 769 past bullish report events, Wheat (SRW) moved a median +0.2% over 5 sessions (53% higher; middle half -1.4% to +2.0%), and +0.2% 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.
