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USDA's July WASDE put 2023/24 US corn and soybean production and yields above market expectations. Corn ending stocks were 2.262 billion bushels and soybean ending stocks 300 million bushels, both above trade estimates.
Wheat ending stocks were also revised higher.
Higher projected US stocks signal ample supply for feed grains and soybean meal, supporting a bearish price outlook.
agriculture.comCassidy WalterJul 12, 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.
