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A Red River Farm Network analyst said the biggest WASDE surprise was the rise in U.S. wheat ending stocks, and noted that beans were stronger while wheat was weaker. USDA raised its farm-gate livestock price forecasts, with cattle up $2 and hogs up $6 from last month.
Higher USDA livestock price forecasts signal stronger expected returns for cattle and hog producers, which can support feeder and finished animal demand. The wheat stock increase is mildly bearish for feed grain alternatives.
rrfn.comDon WickMar 10, 2022After 268 past bullish report events, Live Cattle moved a median +0.3% over 5 sessions (58% higher; middle half -0.7% to +1.4%), and +1.7% over 20.
After 100 past bullish report events, Lean Hogs moved a median -0.2% over 5 sessions (49% higher; middle half -1.9% to +2.0%), and -0.4% 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.
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.
