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USDA's October WASDE cut 2023 US corn production to 15.064 billion bushels at a 173 bpa yield, and soybean production to 4.104 billion bushels at 49.6 bpa. Both came in below trade expectations, and US corn and soybean ending stocks were also below estimates.
Wheat ending stocks were reported at 670 million bushels, above expectations.
A smaller-than-expected US corn and soybean crop with tighter carryout supports prices for feed grains and soymeal. The wheat stocks surprise is a weaker signal for that market.
agriculture.comCassidy WalterOct 12, 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 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.
