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USDA's July WASDE left US corn and soybean yields unchanged and raised wheat production, while lowering season-average price forecasts by 10 cents for corn, 30 cents for soybeans and 25 cents for wheat. New-crop bids fell sharply after the noon release.
Lower USDA price projections and higher corn stocks signal ample supplies, which weighs on feed grain and soymeal prices.
michiganfarmnews.comDennis Rudat, Farm News MediaJul 12, 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 788 past bearish report events, Soybeans moved a median -0.3% over 5 sessions (47% higher; middle half -2.0% to +1.5%), and -0.9% 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.
USDA cut its season-average corn price forecast by 10 cents and new-crop bids fell sharply after the release.
