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USDA's July WASDE raised 2021/22 U.S. corn production by 175 million bushels to 15.2 billion, lifting ending stocks to 1.43 billion bushels. Brazil's 2020/21 corn output was cut to 93 million tonnes on drought and frost, and global wheat ending stocks for 2021/22 came in below expectations.
Higher U.S. corn stocks are bearish for corn, while lower global wheat stocks are supportive for wheat prices.
think.ing.comWarren PattersonJul 13, 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 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 563 past neutral report events, Soybeans moved a median -0.1% over 5 sessions (48% higher; middle half -1.7% to +1.6%), and -0.1% 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.
