# Market Perspectives - May 16, 2024 - U.S. Grains & BioProducts Council

> The May 10 WASDE raised U.S. corn use for ethanol by 50 million bushels and export expectations by 50 million bushels, cutting 2023/24 U.S. corn ending stocks by 100 million bushels to 2,022 million. USDA's first 2024/25 estimates for corn and soybean production came in below pre-report trade expectations, with acreage also below expectations.

- Date: 2024-05-16 · published 2024-05-16T12:00:00.000Z
- Category: report · region US · magnitude medium
- Page: https://feedsoft.ai/events/10514-market-perspectives-may-16-2024-u-s-grains-and-bioproducts-council
- Commodities: [Corn](https://feedsoft.ai/c/CORN.md), [Soybeans](https://feedsoft.ai/c/SOY.md)

## Why it matters

Lower-than-expected U.S. corn and soybean production estimates and tighter stocks support corn and soybean prices. The gap between USDA and Brazilian crop estimates could also drive trade reactions.

## Read by commodity

- SOY: bullish ▲
- CORN: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| CORN | 2023-07-13 | [Market Perspectives – July 13, 2023 - U.S. Grains & BioProducts Council](https://feedsoft.ai/events/7054-market-perspectives-july-13-2023-u-s-grains-and-bioproducts-council.md) | -1.6% | -7.1% |
| CORN | 2020-07-02 | [Market Perspectives – July 2, 2020 - U.S. Grains & BioProducts Council](https://feedsoft.ai/events/12771-market-perspectives-july-2-2020-u-s-grains-and-bioproducts-council.md) | +0.9% | -6.0% |
| CORN | 2019-10-03 | [Market Perspectives – October 3, 2019 - U.S. Grains & BioProducts Council](https://feedsoft.ai/events/56622-market-perspectives-october-3-2019-u-s-grains-and-bioproducts-council.md) | +2.7% | +0.5% |
| CORN | 2018-11-08 | [Market Perspectives - November 8, 2018 - U.S. Grains & BioProducts Council](https://feedsoft.ai/events/62131-market-perspectives-november-8-2018-u-s-grains-and-bioproducts-council.md) | -6.8% | -0.4% |
| CORN | 2018-03-29 | [Market Perspectives - March 29, 2018 - Page 7 of 11 - U.S. Grains & BioProducts Council](https://feedsoft.ai/events/66084-market-perspectives-march-29-2018-page-7-of-11-u-s-grains-and-bioproducts.md) | +4.8% | +4.9% |
| SOY | 2016-11-10 | [Market Perspectives November 10, 2016 - U.S. Grains & BioProducts Council](https://feedsoft.ai/events/12242-market-perspectives-november-10-2016-u-s-grains-and-bioproducts-council.md) | +0.8% | +5.7% |
| SOY | 2024-12-27 | [Grains Report 12/27/2024 - Market InsightsMarket Insights](https://feedsoft.ai/events/10455-grains-report-12-27-2024-market-insightsmarket-insights.md) | -0.7% | +5.8% |
| SOY | 2024-03-28 | [Grains Report 03/28/2024 - Market InsightsMarket Insights](https://feedsoft.ai/events/31242-grains-report-03-28-2024-market-insightsmarket-insights.md) | -1.0% | -2.5% |

## Sources

- grains.org: https://grains.org/market_perspectives/market-perspectives-may-16-2024/

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.