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USDA raised its 2022-23 U.S. winter wheat crop estimate to 1.182 billion bushels, above analyst expectations. It also lifted new-crop corn ending stocks to 1.400 billion bushels, while soybean carryover came in below trade estimates.
A bigger wheat crop and higher corn carryover point to looser supplies and softer feed grain prices. Lower soybean stocks support soybean meal values.
profarmer.comPro Farmer EditorsJun 10, 2022After 1,006 past bearish report events, WHEAT 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, KWHEAT moved a median +0.0% over 5 sessions (50% higher; middle half -2.9% to +2.4%), and +0.5% over 20.
After 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 747 past bullish report events, SOY moved a median +0.3% over 5 sessions (54% higher; middle half -1.4% to +2.1%), 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.
