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Iowa Farm Bureau's Cash Strategist notes that USDA's April WASDE made very few changes to domestic balance sheets. Corn ending stocks held at 1.342 billion bushels, soybean stocks at 210 million, and wheat carryout rose 30 million bushels.
With the U.S. corn and soybean balance sheets largely unchanged, there is no new supply shock to move prices. The wheat carryout increase is a mild bearish signal.
iowafarmbureau.comZach BrummerApr 17, 2023After 770 past neutral report events, Corn moved a median +0.2% over 5 sessions (54% higher; middle half -1.1% to +1.6%), and +0.7% 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.
