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The December WASDE left 2021/22 US corn supply, use and season-average price at $5.45 per bushel unchanged, and corn ending stocks at 1.493 billion bushels. Wheat saw the largest move as higher Southern Hemisphere production and smaller US exports increased global supplies.
Global coarse grain production was raised 2.7 million tons.
Unchanged US corn usage despite strong ethanol output leaves little upside for corn, while higher global wheat supplies pressure wheat prices.
farmprogress.comBen PotterDec 9, 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 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.
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.
