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The USDA quarterly grain stocks report showed old-crop corn stocks of 50.7 Mt, well below the trade estimate of 57 Mt. September 1 soybean stocks of 14.2 Mt were also far below expectations, down 42% year on year, and wheat supplies were tighter than expected.
A large downside surprise in US corn and soybean stocks tightens the global balance sheet and raises feed grain prices. Demand for South American supplies is likely to increase.
graincentral.comGuest AuthorOct 6, 2020After 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 747 past bullish report events, Soybeans moved a median +0.3% over 5 sessions (54% higher; middle half -1.4% to +2.1%), and +0.8% over 20.
After 769 past bullish report events, Wheat (SRW) moved a median +0.2% over 5 sessions (53% higher; middle half -1.4% to +2.0%), and +0.2% 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.
