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The August WASDE cut US corn ending stocks for 2022/23 to 1.39bn bushels, below the prior estimate and near market expectations. Lower US and EU production, partly offset by higher Ukrainian output, lowered global ending stocks to 306.7mt.
The report was neutral to slightly bearish for soybeans on a record US crop forecast.
Tighter US corn stocks and lower EU supply support corn prices and raise feed costs. The record soybean crop expectation caps soybean price gains.
think.ing.comWarren PattersonAug 15, 2022After 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 788 past bearish report events, SOY moved a median -0.3% over 5 sessions (47% higher; middle half -2.0% to +1.5%), and -0.9% 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.
