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The December 2023 WASDE was largely neutral for corn, wheat and soybeans. USDA raised corn exports by 25 million bushels, cutting projected ending stocks to 2.131 billion bushels.
Corn March futures traded in a $0.26 range and set new contract lows.
Higher export demand trims the U.S. corn carryout, but stocks remain far above last year, so the report offers limited price support. Attention is shifting to South American weather.
agcountry.comAgCountry Staff Economic UpdatesDec 14, 2023After 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 406 past neutral report events, Wheat (SRW) moved a median -0.2% over 5 sessions (47% higher; middle half -1.6% to +1.5%), and +0.0% over 20.
After 563 past neutral report events, Soybeans moved a median -0.1% over 5 sessions (48% higher; middle half -1.7% to +1.6%), and -0.1% 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.
