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USDA's Quarterly Grain Stocks report found 81 million more bushels of 2020/21 soybeans than markets expected. Corn stocks were 1.24 billion bushels, above trade estimates, and continued downward revisions to the US wheat crop pushed Chicago, Kansas City and Minneapolis wheat up $0.12-$0.21 a bushel.
A larger-than-expected soybean carryout weakens the old-crop balance sheet, while the wheat revisions tighten supplies and support prices.
farmprogress.comBen PotterSep 30, 2021After 788 past bearish report events, SOY moved a median -0.3% over 5 sessions (47% higher; middle half -2.0% to +1.5%), and -0.9% 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.
After 769 past bullish report events, WHEAT moved a median +0.2% over 5 sessions (53% higher; middle half -1.4% to +2.0%), and +0.2% over 20.
After 180 past bullish report events, KWHEAT moved a median +0.4% over 5 sessions (53% higher; middle half -2.1% to +3.7%), and -0.6% 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.
