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USDA's December 9 WASDE report made few changes that moved corn prices. USDA cut the U.S. corn export forecast by 75 million bushels, in line with trade estimates, and raised 2022-23 ending stocks by the same amount to 1.257 billion bushels.
World corn ending stocks were lowered by 2.4 million tonnes to 298.4 million.
A larger U.S. corn carryout with weaker export demand is mildly bearish for corn prices, but the report was largely expected and the trade focus stayed on soybean oil.
dtnpf.comDana MantiniDec 9, 2022After 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.
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.
