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The December 2022 WASDE showed few major changes for U.S. soybeans and wheat, and the market reaction was muted. U.S. corn ending stocks rose 75 million bushels to 1.257 billion after a 3.5% cut in exports to 2.075 billion.
USDA also cut Ukraine's 2022/23 corn crop by over 177 million bushels to 1.063 billion.
Lower U.S. corn exports and higher stocks are bearish for corn, while the cut to Ukraine's crop removes some export supply and offsets part of that pressure.
farmprogress.comJacqueline HollandDec 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.
