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Analysts previewed the December WASDE, expecting little change from November. Trade estimates pointed to a 4 million bushel decline in US wheat ending stocks, a 9 million bushel rise in corn stocks, and a 1 million bushel rise in soybean stocks.
Corn exports could be cut by 25 million bushels given a sluggish export pace.
Expectations of minimal revisions mean the report was unlikely to move prices much. A possible cut to corn exports would be bearish for corn if confirmed, given weak export demand.
dtnpf.comJoel KarlinDec 9, 2019After 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 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.
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.
