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USDA raised U.S. old-crop corn, soybean and wheat ending stocks in the June WASDE, with corn up 35 million bushels and soybeans up 15 million. Wheat stocks rose 6 million bushels to 562 million on a higher winter wheat production estimate.
Brazil's corn estimate was raised, while Brazil and Argentina soybean and Argentina corn outlooks were lowered.
Larger stock projections across three grains signal ample supply, which is generally bearish for feed grain prices. Lower South American soybean outlooks partly offset this for soybean meal.
proag.comJun 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, 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.
