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USDA's August WASDE cut U.S. corn production to 14.75 billion bushels on lower yields, with corn ending stocks falling to 1.24 billion bushels, below market expectations. The agency also significantly reduced Russian wheat output on poor weather.
Global corn ending stocks were lowered to 284.6 million tonnes.
Tighter U.S. corn supplies and the sharp Russian wheat cut point to firmer global grain prices, with the Russian reduction tightening wheat trade flows.
think.ing.comWarren PattersonAug 13, 2021After 1,040 past bullish report events, Corn moved a median +0.5% over 5 sessions (62% higher; middle half -0.9% to +2.0%), and +0.8% over 20.
After 769 past bullish report events, Wheat (SRW) 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, Wheat (HRW) 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.
