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The November WASDE surprised markets with higher US corn, soybean and wheat ending stocks, and corn yields came in above trade expectations. Soybean yields rose to 49.9 bushels per acre, and the corn carryover reached 2.16 billion bushels, well above the 2.11 billion of October.
Higher carryover stocks across corn, soybeans and wheat point to a looser supply picture, which keeps feed grain and meal prices under pressure. The changes are within the range of trade expectations, which limits the size of the price reaction.
grainews.caGFM Network NewsNov 9, 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, SOY 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 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.
