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USDA's January WASDE lowered projected 2020/21 U.S. corn and soybean ending stocks, with corn production cut on a lower yield and reduced use. The report also cut U.S. wheat ending stocks by 26 million bushels to 836 million, and lowered world wheat supplies on reduced China and Argentina output.
Tighter U.S. corn and soybean stocks and smaller wheat supplies support prices and reduce the feed grain cushion for buyers. Lower Argentine and Chinese wheat output adds to global tightness.
agweb.comUSDAJan 12, 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 747 past bullish report events, Soybeans moved a median +0.3% over 5 sessions (54% higher; middle half -1.4% to +2.1%), 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.
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.
