# Turner's Take Ag Markets | WASDE Bearish

> The July WASDE report came in bearish against trade expectations, with corn down 40 cents, soybeans 60 cents, and wheat 45 cents. Crude oil fell about $8 to $96 as broader markets sold off. Ongoing Black Sea grain corridor talks in Istanbul were also flagged as the key wheat wildcard.

- Date: 2022-07-12 · published 2022-07-12T12:00:00.000Z
- Category: report · region US · magnitude high
- Page: https://feedsoft.ai/events/5975-turner-s-take-ag-markets-wasde-bearish
- Commodities: [Corn](https://feedsoft.ai/c/CORN.md), [Soybeans](https://feedsoft.ai/c/SOY.md), [Wheat (SRW)](https://feedsoft.ai/c/WHEAT.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md)

## Why it matters

A bearish USDA surprise and falling energy prices lower feed grain and oilseed values, while the prospect of Black Sea exports resuming would add supply to the wheat market in autumn.

## Read by commodity

- SOY: bearish ▼
- WTI: bearish ▼
- CORN: bearish ▼
- BRENT: bearish ▼
- WHEAT: bearish ▼

## Linked price moves

| Commodity | Date | Window | Change % | z-score | Why linked |
| --- | --- | --- | --- | --- | --- |
| CORN | 2022-07-15 | 5 | -8.9% | -3.0 | The WASDE was read as bearish against trade expectations, with corn down about 40 cents and crude down sharply. |

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| CORN | 2022-10-12 | [Turner's Take Ag Markets \| WASDE Bullish Soybeans and Bearish Corn/Wheat](https://feedsoft.ai/events/39095-turner-s-take-ag-markets-wasde-bullish-soybeans-and-bearish-corn-wheat.md) | +1.9% | -1.0% |
| CORN | 2021-10-11 | [Turner's Take Ag Marketing \| October WASDE Bearish for Soybeans and Corn](https://feedsoft.ai/events/44488-turner-s-take-ag-marketing-october-wasde-bearish-for-soybeans-and-corn.md) | -1.0% | +5.7% |
| CORN | 2017-09-12 | [USDA/WASDE Data Seen as Market Bearish](https://feedsoft.ai/events/68900-usda-wasde-data-seen-as-market-bearish.md) | +0.9% | +3.8% |
| CORN | 2017-08-10 | [Crop markets tumble after bearish USDA numbers](https://feedsoft.ai/events/69394-crop-markets-tumble-after-bearish-usda-numbers.md) | -4.5% | -6.5% |
| CORN | 2021-10-12 | [WASDE Report Prints Bearish Soybean Data, Sends Market Reeling](https://feedsoft.ai/events/44486-wasde-report-prints-bearish-soybean-data-sends-market-reeling.md) | +0.0% | +9.0% |
| SOY | 2021-10-11 | [Turner's Take Ag Marketing \| October WASDE Bearish for Soybeans and Corn](https://feedsoft.ai/events/44488-turner-s-take-ag-marketing-october-wasde-bearish-for-soybeans-and-corn.md) | -2.0% | -4.1% |
| SOY | 2017-09-12 | [USDA/WASDE Data Seen as Market Bearish](https://feedsoft.ai/events/68900-usda-wasde-data-seen-as-market-bearish.md) | +1.4% | +1.3% |
| SOY | 2017-08-10 | [Crop markets tumble after bearish USDA numbers](https://feedsoft.ai/events/69394-crop-markets-tumble-after-bearish-usda-numbers.md) | -4.3% | +0.0% |

## Sources

- stonex.com: https://www.stonex.com/en-gb/insights/turner-s-take-ag-markets-wasde-bearish/

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.