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USDA left U.S. old-crop corn ending stocks unchanged at 1.44 billion bushels, when traders had expected a 25-million-bushel cut. Wheat stocks rose to 678 million bushels from 653 million, and soybean stocks fell to 260 million bushels.
Corn futures and soybeans traded higher after the release.
A corn carryout that did not fall as expected and higher wheat stocks are bearish surprises, while the lower soybean carryout partly offsets them for soy-based feed.
profarmer.comBrian GreteApr 8, 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 1,006 past bearish report events, Wheat (SRW) moved a median +0.0% over 5 sessions (50% higher; middle half -1.6% to +1.8%), and +0.3% over 20.
After 747 past bullish report events, Soybeans 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.
