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Pro Farmer reports that USDA left 2022-23 corn and soybean carryover unchanged, against trade expectations of cuts after lower-than-expected March 1 stocks. Wheat carryover rose to 598 million bushels from 568 million, and cotton carryover fell to 4.1 million bales.
Carryover above the trade average suggests less tightness than expected, which is bearish for corn and wheat prices. Soybeans were roughly unchanged on the day.
profarmer.comPro Farmer EditorsApr 11, 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 563 past neutral report events, Soybeans moved a median -0.1% over 5 sessions (48% higher; middle half -1.7% to +1.6%), and -0.1% 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.
