Loading…
Monthly World Agricultural Supply and Demand Estimates, 12:00 ET. Updates US and world balance sheets and season-average price projections.
Surprises: US corn ending stocks 1,800 mil bu vs prior 1,465 (+22.9%, bearish); US soybean ending stocks 295 mil bu vs prior 375 (-21.3%, bullish); US wheat ending stocks 923 mil bu vs prior 846 (+9.1%, bearish); US corn exports 2,675 mil bu vs prior 2,550 (+4.9%, bullish); US corn season-avg farm price 4.2 $/bu vs prior 4.35 (-3.4%, bearish); US soybean meal price 310 $/st vs prior 300 (+3.3%, bullish); US soybean season-avg farm price 10.25 $/bu vs prior 9.95 (+3.0%, bullish); US soybean meal exports 18,000 k st vs prior 17,400 (+3.4%, bullish); World…
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 12 WASDE showed much larger US corn ending stocks and lower projected corn and wheat prices, a bearish read-across to oats as a competing feed grain that plausibly drove selling in oat futures.
The May 12 WASDE showed much lower soybean ending stocks and a higher projected meal price and meal exports, which supported soybean complex prices and may have carried into the May 14 move.
