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USDA's September WASDE lowered the 2022/23 U.S. wheat season-average farm price by 25 cents to $9.00 per bushel and raised global wheat supplies on higher Russian and Ukrainian output. U.S. corn production was cut 415 million bushels to 13.9 billion on lower harvested area and yield.
Higher global wheat supplies from Russia and Ukraine are bearish for wheat feeding values, while the U.S. corn cut tightens feed grain availability and supports corn prices.
kfgo.comRusty HalvorsonSep 12, 2022After 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.
After 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.
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.
