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The ADM monthly overview reports that USDA cut 2023-24 US corn ending stocks by 25 million bushels to 2.131 billion, and left Brazil and Argentina crop estimates unchanged. Live cattle futures fell from September highs to $169.10 by end of November amid weak beef demand and rising Brazilian and Australian supply.
Lean hog slaughter rose through 2023, pressuring hog prices.
The USDA corn stock cut reflects strong exports, a modestly supportive balance. Weak cattle and hog prices reflect demand softness and higher slaughter, which can reduce feeder and feed demand.
admis.comADMIS Research TeamDec 22, 2023After 1,040 past bullish report events, CORN moved a median +0.5% over 5 sessions (62% higher; middle half -0.9% to +2.0%), and +0.8% over 20.
After 144 past bearish report events, LCATTLE moved a median -0.1% over 5 sessions (49% higher; middle half -1.1% to +0.9%), and +0.5% over 20.
After 159 past bearish report events, HOGS moved a median -0.2% over 5 sessions (47% higher; middle half -2.2% to +1.3%), and +1.0% over 20.
After 126 past bearish report events, FCATTLE moved a median +0.1% over 5 sessions (52% higher; middle half -1.3% to +2.0%), and +0.6% 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.
