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USDA's December 10 WASDE kept U.S. corn at 13.66 billion bushels and soybeans at 3.55 billion bushels, with yields unchanged at 167 and 46.9 bushels per acre. Corn ending stocks held at 1.91 billion bushels and soybean stocks at 475 million.
Global wheat stocks were estimated at a record 289.50 MMT.
Unchanged U.S. balances mean the market awaits the January 10 report for harvest revisions. Record global wheat stocks are bearish for wheat prices.
gfo.caStory by: Grain Farmers of OntarioDec 16, 2019After 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 563 past neutral report events, SOY moved a median -0.1% over 5 sessions (48% higher; middle half -1.7% to +1.6%), and -0.1% over 20.
After 1,006 past bearish report events, WHEAT 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.
