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USDA's May WASDE used a 177 bpa corn yield instead of the 181 trend, and the agency cited a smaller-than-expected US wheat crop and higher wheat usage. USDA also noted that Russia's invasion of Ukraine had raised uncertainty for regional supply and demand.
A lower corn yield and tighter wheat supplies support feed grain prices, with high input costs and fertilizer uncertainty adding to the upward pressure.
farmprogress.comBen PotterMay 12, 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 769 past bullish report events, WHEAT moved a median +0.2% over 5 sessions (53% higher; middle half -1.4% to +2.0%), and +0.2% 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.
