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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 corn season-avg farm price 6.75 $/bu vs prior 5.8 (+16.4%, bullish); US soybean ending stocks 310 mil bu vs prior 260 (+19.2%, bearish); US soybean season-avg farm price 14.4 $/bu vs prior 13.25 (+8.7%, bullish); World soybean ending stocks 99.6 mmt vs prior 89.58 (+11.2%, bearish); US wheat ending stocks 619 mil bu vs prior 678 (-8.7%, bullish); US soybean meal price 400 $/st vs prior 420 (-4.8%, bearish); US corn ending stocks 1,360 mil bu vs prior 1,440 (-5.6%, bullish); US soybean exports 2,200 mil bu vs prior 2,115 (+4.0%, bullish);…
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 May WASDE raised US and world soybean ending stocks (bearish) despite higher price projections, a plausible source of selling pressure.
