WASDE Shock Lifts Corn and Soybeans After Weeks of Weakness

The WASDE corn and soybean numbers caught traders off guard, as a bigger than expected corn yield cut and lower soybean stocks sparked a rally. Lane Dungan, StoneX Market Strategist, explains why the U.S. Department of Agriculture report surprised the grain market and what it means for global grain supply. Soybean futures rose after the WASDE report because ending stocks came in lower than the prior month, even as the soybean yield estimate moved higher. The U.S. midterm elections moved equities such as the Nasdaq, Dow and S&P 500, while grain markets stayed focused on supply and demand. Weather risk from El Niño is starting to drive trade as the market weighs global grain supply through the coming months and into next year's crop. Strong corn and soybean crops in Brazil keep the U.S. export picture at the center of the global supply story. 00:00 - WASDE Rattles Grain Markets 00:25 - Corn Yield Cut Sparks a Rally 01:56 - Soybeans Jump as Stocks Shrink 03:20 - Grain Shrugs Off the Midterms 04:00 - Brazil Shifts Focus to Exports 04:37 - El Niño Puts Supply in Play Discover Actionable Markets Insights with StoneX Market Intelligence: https://shop.stonex.com/collections/all?utm_source=youtube&utm_medium=social&utm_campaign=sxtv_guest_lane_dungan&utm_content=share Like and subscribe for more financial market insights. #WASDE #StoneX #LaneDungan #Corn #Soybeans --------- Like this video? Subscribe and turn on notifications so you don't miss any videos from StoneX: https://www.youtube.com/@stonex_official Visit https://www.stonex.com/en/insights/thought-leadership/?utm_source=youtube&utm_medium=social for insights, perspectives and thought leadership from StoneX's global network of experts. Visit our website: https://www.stonex.com?utm_source=youtube&utm_medium=social