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The August WASDE raised world 2022/23 wheat production by nearly 8 million tonnes to 779.6 million, led by a record 8 million tonne Russian crop. US corn and world stocks came in below expectations, and soybean production was lifted to an all-time high.
A larger global wheat crop pressures wheat prices, while tighter corn stocks provide support and a record soybean crop weighs on soy complex values.
grainpricenews.comMike VerdinAug 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 138 past bearish report events, Wheat (HRW) moved a median +0.0% over 5 sessions (50% higher; middle half -2.9% to +2.4%), and +0.5% 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.
After 788 past bearish report events, Soybeans moved a median -0.3% over 5 sessions (47% higher; middle half -2.0% to +1.5%), and -0.9% 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.
