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USDA's December reports largely matched expectations, with corn carryout up 45 million bushels and wheat ending stocks up 25 million bushels. Russia kept selling grain longer than expected, and the export forecast was left unchanged while China's 25 percent tariffs remained in place.
Higher corn and wheat ending stocks signal ample supply and weigh on prices, while trade uncertainty over China tariffs keeps demand unclear.
farmprogress.comBryce KnorrDec 14, 2018After 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 1,006 past bearish report events, Wheat (SRW) moved a median +0.0% over 5 sessions (50% higher; middle half -1.6% to +1.8%), and +0.3% 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.
