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USDA's December WASDE left US corn production at 13.66 billion bushels and soybean production at 3.55 billion bushels, with yields unchanged at 167 bpa and 46.9 bpa. Domestic corn and soybean ending stocks were also unchanged, and analysts said revised crop estimates would wait for the January report.
Unchanged balance sheets remove a near-term price catalyst, leaving corn and soybeans trading on fundamentals until January's production update. DTN analysts saw wheat as slightly bullish and world corn and wheat stocks as bearish.
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.
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.
After 770 past neutral report events, Corn moved a median +0.2% over 5 sessions (54% higher; middle half -1.1% to +1.6%), and +0.7% 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.
