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Projected US 2021-22 ending stocks for corn, soybeans, wheat and cotton all came in above average pre-report estimates. USDA kept corn carryover at 1.540 billion bushels and cut soybean carryover by 25 million bushels to 325 million.
Wheat carryover rose to 648 million bushels, and cotton to 3.5 million bales.
Corn and soybean stocks higher than traders expected reduce the tightness priced into futures, which is bearish for those markets. Higher wheat stocks add to bearish pressure on wheat.
profarmer.comBrian GreteFeb 9, 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 563 past neutral report events, SOY moved a median -0.1% over 5 sessions (48% higher; middle half -1.7% to +1.6%), and -0.1% over 20.
After 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.
Not enough comparable past events yet for a historical read.
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.
