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USDA's December WASDE kept corn and soybean production unchanged from November, with corn at 13.661 billion bushels and average yield at 167 bpa. Corn carryout stayed at 1.910 billion bushels, and the season-average farm price held at $3.85 per bushel, while wheat moved modestly higher after the release.
With the report largely as expected, grain prices traded sideways, and the market is now focused on January revisions once harvest figures are finalized. Higher world stocks are mildly bearish for prices.
farmprogress.comBen PotterDec 10, 2019After 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.
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 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.
