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USDA's December WASDE raised U.S. corn stocks to 1.257 billion bushels as slow sales and shipments reflected competition from other exporters and high U.S. prices. U.S. wheat stocks were held at a 15-year low of 571 million bushels and soybean stocks at 220 million.
Global wheat supplies were cut by 2.1 million tonnes, with Argentina and Canada lowered.
Lower Argentine and Canadian wheat output tightens global wheat supply and supports wheat prices, while U.S. corn demand weakness is bearish for corn.
feedandgrain.comLisa CleaverDec 12, 2022After 769 past bullish report events, Wheat (SRW) moved a median +0.2% over 5 sessions (53% higher; middle half -1.4% to +2.0%), and +0.2% over 20.
After 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.
