# WASDE update: Tighter wheat and looser corn market | articles | ING THINK

> ING's WASDE review says USDA raised US 2023/24 corn production 23 million bushels to 15.13 billion, with ending stocks up 19 million to 2.2 billion bushels, above the roughly 2.13 billion expected. Global wheat supply tightened on adverse weather in Australia, Canada and the EU.

- Date: 2023-09-13 · published 2023-09-13T12:00:00.000Z
- Category: report · region Global · magnitude medium
- Page: https://feedsoft.ai/events/34042-wasde-update-tighter-wheat-and-looser-corn-market-articles-ing-think
- Commodities: [Corn](https://feedsoft.ai/c/CORN.md), [Wheat (SRW)](https://feedsoft.ai/c/WHEAT.md), [Soybeans](https://feedsoft.ai/c/SOY.md)

## Why it matters

Heavier US corn stocks are bearish for corn prices, while tighter global wheat supply lifts wheat values and the cost of wheat-based feed.

## Read by commodity

- SOY: bullish ▲
- CORN: bearish ▼
- WHEAT: bullish ▲

## Linked price moves

| Commodity | Date | Window | Change % | z-score | Why linked |
| --- | --- | --- | --- | --- | --- |
| CORN | 2023-09-20 | 5 | -8.8% | -2.9 | WASDE raised US corn production and ending stocks above expectations, a bearish supply surprise. |

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| CORN | 2021-07-13 | [WASDE update: Global wheat stocks tighten \| articles \| ING THINK](https://feedsoft.ai/events/46007-wasde-update-global-wheat-stocks-tighten-articles-ing-think.md) | -10.7% | -12.3% |
| CORN | 2024-01-15 | [WASDE update: Higher US corn and soybean supplies \| articles \| ING THINK](https://feedsoft.ai/events/11446-wasde-update-higher-us-corn-and-soybean-supplies-articles-ing-think.md) | +0.8% | -4.7% |
| CORN | 2022-07-13 | [WASDE update: Release provides little support to markets \| articles \| ING THINK](https://feedsoft.ai/events/40430-wasde-update-release-provides-little-support-to-markets-articles-ing-think.md) | -11.6% | -12.4% |
| CORN | 2023-03-09 | [WASDE update: Argentine crops downgraded \| articles \| ING THINK](https://feedsoft.ai/events/36822-wasde-update-argentine-crops-downgraded-articles-ing-think.md) | -1.0% | -0.0% |
| CORN | 2023-11-10 | [WASDE update: Bearish release weighs on grains \| articles \| ING THINK](https://feedsoft.ai/events/33114-wasde-update-bearish-release-weighs-on-grains-articles-ing-think.md) | +0.0% | -0.3% |
| WHEAT | 2021-08-13 | [WASDE update: Wheat market continues to tighten \| articles \| ING THINK](https://feedsoft.ai/events/45502-wasde-update-wheat-market-continues-to-tighten-articles-ing-think.md) | +1.6% | +3.2% |
| WHEAT | 2021-04-12 | [WASDE update: Tightening corn balance \| articles \| ING THINK](https://feedsoft.ai/events/47548-wasde-update-tightening-corn-balance-articles-ing-think.md) | -3.9% | -1.5% |
| WHEAT | 2021-07-13 | [WASDE update: Global wheat stocks tighten \| articles \| ING THINK](https://feedsoft.ai/events/46007-wasde-update-global-wheat-stocks-tighten-articles-ing-think.md) | +1.3% | -0.4% |

## Sources

- think.ing.com: https://think.ing.com/articles/wasde-update-tighter-wheat-and-looser-corn-market-130923/

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.