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USDA's April WASDE left U.S. old-crop corn ending stocks at 1.44 billion bushels and cut U.S. wheat exports to 785 million bushels. Global wheat stocks were projected at 278.4 million tonnes, a five-year low, while world corn carryover rose 4.5 million tonnes to 305.5 million.
Tighter global wheat stocks and lower U.S. wheat exports support wheat prices, while higher world corn carryover offsets some corn tightness for feed buyers.
agweek.comMichelle RookApr 8, 2022After 769 past bullish report events, Wheat (SRW) moved a median +0.2% over 5 sessions (53% higher; middle half -1.4% to +2.0%), and +0.2% 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.
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.
