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The November WASDE was bearish, with US corn and soybean yields revised above market expectations. US wheat ending stocks also came in higher than expected, and the global corn stocks estimate was raised to 315 million tonnes.
Higher-than-expected US and global supplies reinforce a bearish outlook for corn and soybeans, which lowers feed input costs. Larger wheat stocks also limit support for wheat as a feed alternative.
think.ing.comWarren PattersonNov 10, 2023After 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.
After 788 past bearish report events, Soybeans moved a median -0.3% over 5 sessions (47% higher; middle half -2.0% to +1.5%), and -0.9% 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.
