# Grain Stocks Surprise Traders in the July WASDE Report | Red River Farm Network

> The July WASDE report largely matched trader expectations, but grain stocks surprised. USDA projected 2021/22 U.S. wheat ending stocks at 665 million bushels, down from 770 million and below trade expectations. New-crop corn ending stocks rose to 1.43 billion bushels, in line with expectations, and soybean ending stocks held at 155 million.

- Date: 2021-07-12 · published 2021-07-12T12:00:00.000Z
- Category: report · region US · magnitude medium
- Page: https://feedsoft.ai/events/46000-grain-stocks-surprise-traders-in-the-july-wasde-report-red-river-farm-network
- Commodities: [Wheat (SRW)](https://feedsoft.ai/c/WHEAT.md), [Wheat (HRW)](https://feedsoft.ai/c/KWHEAT.md), [Corn](https://feedsoft.ai/c/CORN.md), [Soybeans](https://feedsoft.ai/c/SOY.md)

## Why it matters

Tighter wheat carryout points to firmer wheat prices, while corn and soybean stocks offer little new directional pressure. Buyers should expect wheat to lead the complex.

## Read by commodity

- SOY: neutral
- CORN: neutral
- WHEAT: bullish ▲
- KWHEAT: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WHEAT | 2026-10-01 | [A Bearish Surprise \| Red River Farm Network](https://feedsoft.ai/events/17069-a-bearish-surprise-red-river-farm-network.md) | -2.9% | +0.5% |
| WHEAT | 2023-05-15 | [Ending Stocks Were Primary Consideration in USDA Report \| Red River Farm Network](https://feedsoft.ai/events/35888-ending-stocks-were-primary-consideration-in-usda-report-red-river-farm-network.md) | -1.6% | -7.1% |
| WHEAT | 2019-12-11 | [More Details Expected in January WASDE Report \| Red River Farm Network](https://feedsoft.ai/events/55515-more-details-expected-in-january-wasde-report-red-river-farm-network.md) | +2.6% | +4.1% |
| WHEAT | 2018-06-12 | [June Supply and Demand Report Delivers Positive News \| Red River Farm Network](https://feedsoft.ai/events/64481-june-supply-and-demand-report-delivers-positive-news-red-river-farm-network.md) | -0.9% | -6.9% |
| WHEAT | 2021-11-09 | [WASDE Report Surprises With Lower Yield, Production, Soy Stocks](https://feedsoft.ai/events/43997-wasde-report-surprises-with-lower-yield-production-soy-stocks.md) | +1.8% | +0.7% |
| KWHEAT | 2018-08-13 | [No surprises in USDA report \| Farm Online \| ACT](https://feedsoft.ai/events/63483-no-surprises-in-usda-report-farm-online-act.md) | +0.9% | -10.0% |
| KWHEAT | 2021-11-10 | [WASDE Reveals Record Wheat Trade, as China Wheat Imports Soared Over the Past Year - Farm Policy News](https://feedsoft.ai/events/44095-wasde-reveals-record-wheat-trade-as-china-wheat-imports-soared-over-the-past.md) | +3.4% | +2.1% |
| KWHEAT | 2020-12-11 | [The Surprise Winner of WASDE Is Wheat](https://feedsoft.ai/events/49577-the-surprise-winner-of-wasde-is-wheat.md) | +1.3% | +5.6% |

## Sources

- rrfn.com: https://www.rrfn.com/2021/07/12/grain-stocks-surprise-traders-in-the-july-wasde-report/

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.