# Was the July WASDE Report a Gift From the USDA?

> Barchart columnist Andrew Hecht reported that grains, oilseeds, cotton, cattle and hogs fell after the July 2023 WASDE report. Teucrium founder Sal Gilberte said USDA cut corn yield due to early dryness and left soybean yields unchanged, with soybean ending stocks at risk of record lows after a sharp drop in planted acres.

- Date: 2023-07-16 · published 2023-07-16T12:00:00.000Z
- Category: report · region US · magnitude medium
- Page: https://feedsoft.ai/events/7053-was-the-july-wasde-report-a-gift-from-the-usda
- Commodities: [Corn](https://feedsoft.ai/c/CORN.md), [Soybeans](https://feedsoft.ai/c/SOY.md), [Live Cattle](https://feedsoft.ai/c/LCATTLE.md), [Lean Hogs](https://feedsoft.ai/c/HOGS.md)

## Why it matters

A downward corn yield revision and reduced soybean usage tighten the balance sheets, but the report's bearish reaction shows markets were pricing in more supply than the USDA projected. Weather in coming weeks will determine whether prices hold.

## Read by commodity

- SOY: bearish ▼
- CORN: bearish ▼
- HOGS: bearish ▼
- LCATTLE: bearish ▼

## Linked price moves

| Commodity | Date | Window | Change % | z-score | Why linked |
| --- | --- | --- | --- | --- | --- |
| CORN | 2023-07-16 | 1 | -10.5% | -6.2 | Barchart reports grains fell after the July WASDE, which points to a bearish supply-side repricing shortly before the move window ended. |

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| CORN | 2023-11-09 | [USDA's WASDE report throws a few curveballs - Grainews](https://feedsoft.ai/events/33119-usda-s-wasde-report-throws-a-few-curveballs-grainews.md) | -1.5% | -1.0% |
| CORN | 2019-07-12 | [USDA releases July WASDE report - High Plains Journal](https://feedsoft.ai/events/58045-usda-releases-july-wasde-report-high-plains-journal.md) | -3.2% | -7.0% |
| CORN | 2020-07-10 | [July WASDE report fails to inspire corn gains](https://feedsoft.ai/events/52076-july-wasde-report-fails-to-inspire-corn-gains.md) | -4.9% | -7.5% |
| CORN | 2023-07-12 | [Here's What You Need to Know About USDA's July WASDE Report - AgWeb](https://feedsoft.ai/events/34980-here-s-what-you-need-to-know-about-usda-s-july-wasde-report-agweb.md) | -5.7% | -8.7% |
| CORN | 2023-07-13 | [Key data in USDA's July 12 Wasde report, and difference from market expectations - Grain Price News](https://feedsoft.ai/events/34984-key-data-in-usda-s-july-12-wasde-report-and-difference-from-market-expectations.md) | -1.6% | -7.1% |
| SOY | 2016-10-13 | [USDA WASDE Report at a Glance](https://feedsoft.ai/events/9407-usda-wasde-report-at-a-glance.md) | +3.8% | +3.9% |
| SOY | 2023-11-09 | [USDA's WASDE report throws a few curveballs - Grainews](https://feedsoft.ai/events/33119-usda-s-wasde-report-throws-a-few-curveballs-grainews.md) | +2.7% | -2.8% |
| SOY | 2025-07-11 | [USDA Releases July 2025 WASDE Report \| Agriculture of America](https://feedsoft.ai/events/23709-usda-releases-july-2025-wasde-report-agriculture-of-america.md) | +0.9% | -4.0% |

## Sources

- barchart.com: https://www.barchart.com/story/news/18536707/was-the-july-wasde-report-a-gift-from-the-usda

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