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USDA's August WASDE lowered US corn production and raised soybean production based on new NASS acreage and yield data. The projected corn ending stocks-to-use ratio fell to 9.6% and soybean ending stocks rose to 5.4%, both historically low.
New-crop futures fell after the report but recovered by the close.
A tighter corn balance sheet supports corn prices, while the larger soybean crop is a partial offset for soybeans. Demand and export adjustments may still come.
farmdocdaily.illinois.eduHongxia JiaoAug 17, 2022After 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 563 past neutral report events, SOY moved a median -0.1% over 5 sessions (48% higher; middle half -1.7% to +1.6%), and -0.1% 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.
