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Reuters-polled data from USDA's October 12 WASDE show US corn yield at 173.0 bpa and production at 15,064 million bushels, below market expectations. Soybean production at 4,104 million bushels was also below expectations.
Corn ending stocks were 2,111 million bushels, 45 million below expectations, and wheat stocks were 670 million bushels, above expectations.
Corn and soybean supplies came in tighter than the trade expected, supporting feed grain prices. Wheat stocks above expectations weigh on wheat prices as a feed substitute.
grainpricenews.comMike VerdinOct 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.
