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USDA's October WASDE showed U.S. corn production at 14.722 billion bushels, down 178 million from September, with harvested acres well below trade estimates. Soybean stocks fell more than expected, and world wheat ending stocks unexpectedly rose to a record on a large Russian crop.
Tighter U.S. corn and soybean supplies and strong China demand support higher futures, while the larger world wheat stocks cap wheat gains.
dtnpf.comDana MantiniOct 9, 2020After 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 406 past neutral report events, Wheat (SRW) moved a median -0.2% over 5 sessions (47% higher; middle half -1.6% to +1.5%), and +0.0% 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.
