Loading…
USDA's December WASDE, released December 9, left U.S. corn and soybean production and carryout unchanged from November. Wheat was the focus, with exports cut 20 million bushels to 840 million and ending stocks raised 15 million to 598 million.
USDA also raised Brazil's 2020/21 soybean crop by 1 MMT and left its 2021/22 South American estimates untouched.
With corn and soybean balance sheets unchanged, the report offers no new supply signal for feed grains and meal. Lower US wheat exports and higher stocks add bearish pressure on wheat prices.
agweb.comTyne MorganDec 10, 2021After 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 770 past neutral report events, Corn moved a median +0.2% over 5 sessions (54% higher; middle half -1.1% to +1.6%), and +0.7% over 20.
After 563 past neutral report events, Soybeans moved a median -0.1% over 5 sessions (48% higher; middle half -1.7% to +1.6%), and -0.1% 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.
