WASDE: USDA surprises with even bigger corn production

After 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.

• Nov 9, 2021WASDE Report Surprises With Lower Yield, Production, Soy Stocks+1.2%
• Nov 11, 2024November WASDE Surprises With Larger-Than-Expected Yield, Production Cuts-1.2%
• Jun 11, 2019U.S. Corn Production, Supplies Fall, USDA Says+6.2%
• May 13, 2022USDA: U.S. Corn Production to Drop 4.3%-1.0%
• Jan 10, 2025WASDE: Lower corn, soy production lifts prices significantly+3.2%

After 747 past bullish report events, Soybeans moved a median +0.3% over 5 sessions (54% higher; middle half -1.4% to +2.1%), and +0.8% over 20.

• Nov 9, 2021WASDE Report Surprises With Lower Yield, Production, Soy Stocks+6.7%
• Nov 11, 2024November WASDE Surprises With Larger-Than-Expected Yield, Production Cuts-1.8%
• Jun 11, 2019U.S. Corn Production, Supplies Fall, USDA Says+6.3%
• Jun 11, 2020USDA Releases June Crop Production, WASDE Reports+0.7%
• Jan 10, 2025WASDE: Lower corn, soy production lifts prices significantly+2.7%

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.

• Nov 9, 2021WASDE Report Surprises With Lower Yield, Production, Soy Stocks+1.8%
• Jun 11, 2019U.S. Corn Production, Supplies Fall, USDA Says-4.7%
• May 13, 2022USDA: U.S. Corn Production to Drop 4.3%+4.4%
• Jul 14, 2026Historic Wheat Production Decline, Tighter Corn Supplies Highlight USDA's July WASDE Report - ProAg+4.5%
• Aug 11, 2023USDA Lowers Corn and Soybean Yields and Production-1.5%