Report Reactions
The data failed to move markets much from where they were trading ahead of USDA’s reports.
Dec. 1 stocks, final 2022 production estimates and ending stocks lower than expected for corn and soybeans.
USDA made no changes to the soybean or wheat balance sheets this month.
Wheat futures had the sharpest price reaction to the data. Soybeans initially traded lower but quickly bounced back.
USDA’s 2022-23 ending stocks forecasts came in higher than expected for corn and wheat, while projected carryover was lower than traders anticipated.
Sept. 1 corn stocks came in 135 million bu. below the average pre-report trade estimate. The wheat production estimate was 128 million bu. lower than traders anticipated.
USDA cut its soybean crop estimate by 153 bu. from last month, whereas traders expected a 35-million-bu. reduction.
The initial corn crop estimate came in slightly lower than anticipated.
USDA makes unexpected boost to U.S. soybean crop estimate, lowers corn crop more than expected.
USDA’s corn, soybean and wheat ending stocks forecasts topped pre-report expectations, as did the U.S. all-wheat crop estimate.