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USDA's July 12 WASDE raised 2022 corn production by 45 million bushels to 14.505 billion, and soybean production fell 135 million bushels to 4.505 billion. Corn 2022/23 ending stocks were 1.470 billion bushels, 28 million above market expectations, while soybean stocks were 230 million bushels, 19 million above expectations.
Corn and soybean stocks that came in above trade estimates point to a looser supply picture, which pressures prices for corn and soy-based feed ingredients.
grainpricenews.comMike VerdinJul 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.
