Loading…
ProAg reports that the May WASDE projected record US corn and soybean production for 2023, with corn at about 15.3 billion bushels, up more than 10% from April. Wheat ending stocks were 598 million bushels, unchanged from April and below trade expectations.
Soybean markets fell sharply on expectations of lower exports in 2024.
Record corn and soybean output that exceeds expected demand weighs on futures, while wheat's below-expectation carryout gives some underlying support.
proag.comMay 15, 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 769 past bullish report events, Wheat (SRW) moved a median +0.2% over 5 sessions (53% higher; middle half -1.4% to +2.0%), and +0.2% 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.
