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Monthly World Agricultural Supply and Demand Estimates, 12:00 ET. Updates US and world balance sheets and season-average price projections.
Surprises: US soybean ending stocks 185 mil bu vs prior 155 (+19.4%, bearish); US corn ending stocks 1,408 mil bu vs prior 1,242 (+13.4%, bearish); US soybean meal price 360 $/st vs prior 385 (-6.5%, bearish); US soybean season-avg farm price 12.9 $/bu vs prior 13.7 (-5.8%, bearish); US corn season-avg farm price 5.45 $/bu vs prior 5.75 (-5.2%, bearish); World corn ending stocks 297.63 mmt vs prior 284.63 (+4.6%, bearish); US corn exports 2,475 mil bu vs prior 2,400 (+3.1%, bullish); World soybean ending stocks 98.89 mmt vs prior 96.15 (+2.8%, bearish).
USDA WAOBAfter 3,207 past report events, Corn moved a median +0.2% over 5 sessions (54% higher; middle half -1.3% to +1.7%), and +0.5% over 20.
After 2,389 past report events, Soybeans moved a median 0.0% over 5 sessions (50% higher; middle half -1.6% to +1.9%), and +0.1% over 20.
After 1,283 past report events, Soybean Meal moved a median -0.1% over 5 sessions (47% higher; middle half -2.0% to +1.7%), and -0.2% over 20.
After 686 past report events, Soybean Oil moved a median -0.0% over 5 sessions (49% higher; middle half -1.8% to +2.0%), and -0.0% 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.
The Sept 10 WASDE reset US and world balance sheets and trimmed US carryout, which shaped wheat sentiment going into Sept 13, though its surprises were mostly corn and soy bearish.
