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Grain markets fell after the July WASDE, which included no major surprises. USDA raised 2022/23 U.S. corn ending stocks to 1.47 billion bushels on larger planted acreage of 89.9 million acres, above the market's 1.43 billion expectation.
Soybean production estimates were revised down from 4.64 to 4.5 billion bushels.
A larger corn carryout reinforces the bearish corn outlook and offers little support against broader commodity selling, keeping feed-grain prices under pressure.
think.ing.comWarren PattersonJul 13, 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.
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.
