Markets/Market Analysis

Wheat the Bullish Surprise of the WASDE: Corn and Soybean Ending Stocks Above Estimates but Corn Market Holds Together

The WASDE report was bearish for corn with a 2.22 bb ending stocks estimate and beans at 335 mb. But bullish for wheat with the lower HRW crop. Jim McCormick of AgMarket.Net has price reaction.

Michelle Rook
By Michelle Rook
 • 
May 14, 2023 07:01 PM

The WASDE report was bearish for corn and beans with a 2.22 bb ending stocks number for corn, 335 mb for soybeans. But bullish for wheat with winter wheat production 100 mb below trade estimates due to above average abandonment and lower yield. Jim McCormick of AgMarket.Net discusses the positive rally in wheat and why corn is holding together with the bearish numbers.

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