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USDA projected 2021-22 U.S. corn ending stocks at 1.432 billion bushels, above the analyst consensus of 1.361 billion. Wheat production was cut 152 million bushels on drought in the Northern Plains, and 2020-21 corn stocks were trimmed.
J.P. Morgan called the report an incremental negative for U.S. farmers.
Corn ending stocks above expectations weigh on corn prices, while lower wheat output supports wheat and feed-grain substitution demand.
meatingplace.comSusan KellyJul 12, 2021After 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 788 past bearish report events, Soybeans moved a median -0.3% over 5 sessions (47% higher; middle half -2.0% to +1.5%), and -0.9% 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.
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.
Corn ending stocks of 1.432 billion bushels topped the 1.361 billion consensus, adding bearish pressure.
Corn ending stocks of 1.432 bn bu were well above the 1.361 bn consensus, a bearish fundamental that weighed on corn.
