# Ending Stocks Were Primary Consideration in USDA Report | Red River Farm Network

> A Midwest Market Solutions analyst said USDA surprised the trade by cutting its wheat production estimate more than expected in the May WASDE, with the crop below last year's. He noted the soybean carryout was well above last year and trade expectations. He added that any major change in crop supply estimates would likely require a weather event.

- Date: 2023-05-15 · published 2023-05-15T12:00:00.000Z
- Category: report · region US · magnitude medium
- Page: https://feedsoft.ai/events/35888-ending-stocks-were-primary-consideration-in-usda-report-red-river-farm-network
- Commodities: [Wheat (SRW)](https://feedsoft.ai/c/WHEAT.md), [Soybeans](https://feedsoft.ai/c/SOY.md)

## Why it matters

A wheat crop below last year's and a large soybean carryout point to tighter wheat supplies and bearish soybean pricing until weather alters the outlook.

## Read by commodity

- SOY: bearish ▼
- WHEAT: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WHEAT | 2021-07-12 | [Grain Stocks Surprise Traders in the July WASDE Report \| Red River Farm Network](https://feedsoft.ai/events/46000-grain-stocks-surprise-traders-in-the-july-wasde-report-red-river-farm-network.md) | -0.8% | +0.2% |
| WHEAT | 2019-12-11 | [More Details Expected in January WASDE Report \| Red River Farm Network](https://feedsoft.ai/events/55515-more-details-expected-in-january-wasde-report-red-river-farm-network.md) | +2.6% | +4.1% |
| WHEAT | 2021-07-12 | [U.S. corn ending stocks top forecasts in WASDE report](https://feedsoft.ai/events/46002-u-s-corn-ending-stocks-top-forecasts-in-wasde-report.md) | -0.8% | +0.2% |
| WHEAT | 2023-03-08 | [Report snapshot: higher U.S. and global corn ending stocks - Pro Farmer](https://feedsoft.ai/events/36816-report-snapshot-higher-u-s-and-global-corn-ending-stocks-pro-farmer.md) | -0.9% | -4.6% |
| WHEAT | 2022-12-09 | [Lastest WASDE, Ending stocks Estimates were Neutral for Corn, Soybeans and Wheat - Oklahoma Farm Report](https://feedsoft.ai/events/38190-lastest-wasde-ending-stocks-estimates-were-neutral-for-corn-soybeans-and-wheat.md) | +10.3% | +8.2% |
| SOY | 2025-07-11 | [PF Reaction to USDA Reports \| USDA cuts old-, new-crop corn ending stocks - Pro Farmer](https://feedsoft.ai/events/23714-pf-reaction-to-usda-reports-usda-cuts-old-new-crop-corn-ending-stocks-pro-farmer.md) | +0.9% | -4.0% |
| SOY | 2021-09-30 | [USDA Estimate for Soybean Stocks Higher Than Expected \| Red River Farm Network](https://feedsoft.ai/events/45039-usda-estimate-for-soybean-stocks-higher-than-expected-red-river-farm-network.md) | -3.3% | -3.5% |
| SOY | 2026-08-12 | [WASDE Report Released \| Red River Farm Network](https://feedsoft.ai/events/17856-wasde-report-released-red-river-farm-network.md) | +4.6% | +12.9% |

## Sources

- rrfn.com: https://www.rrfn.com/2023/05/14/wasde-expectations-driving-markets/

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