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The Iowa Farm Bureau summarized the January WASDE, which reduced U.S. corn production by 200 million bushels on lower harvested acres. Feed, food and export use were cut by 185 million bushels, leaving ending stocks down 15 million bushels, and corn and soybean markets moved higher.
Production cuts exceeding use cuts tighten U.S. supplies and support corn and soybean prices. Slow export sales and high Mississippi barge rates are also flagged as factors for the coming months.
iowafarmbureau.comJan 13, 2023After 1,040 past bullish report events, Corn moved a median +0.5% over 5 sessions (62% higher; middle half -0.9% to +2.0%), and +0.8% over 20.
After 747 past bullish report events, Soybeans moved a median +0.3% over 5 sessions (54% higher; middle half -1.4% to +2.1%), and +0.8% over 20.
Not enough comparable past events yet for a historical read.
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.
