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The December WASDE was viewed as neutral for corn, with global 2021/22 corn stocks raised 1.1 million tonnes, and negative for wheat, which fell in Chicago and Matif after global ending stocks rose 3 million tonnes. The analysis also flagged concern about fertilizer supply and a US request asking Germany to delay Nord Stream 2 permits.
A larger wheat carryout weighs on wheat prices, while fertilizer supply risk could raise input costs and cut yields in later crops. Feed buyers face a balance of softer grain values and higher future input costs.
czapp.comAlberto CarmonaDec 16, 2021After 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.
After 770 past neutral report events, Corn moved a median +0.2% over 5 sessions (54% higher; middle half -1.1% to +1.6%), and +0.7% over 20.
After 76 past bullish report events, Urea moved a median 0.0% over 5 sessions (49% higher; middle half -2.2% to +2.9%), 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.
