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The USDA quarterly grain stocks report was bearish for corn, with stocks at four-year highs, and mixed for soybeans, with stocks two million tonnes above expectations but planted area 0.6 million acres below. Crop ratings are at the top of the five-year range, and Argentine farmers have sold only 29% of their crop versus 66% in Brazil.
Large US corn stocks and favorable crop ratings weigh on corn prices. Slow Argentine soybean selling supports near-term soy meal, while expected Canadian rapeseed supply growth adds pressure on rapeseed meal.
cirqlar-nutrition.co.ukJul 3, 2024After 1,102 past bearish report events, Corn moved a median -0.2% over 5 sessions (47% higher; middle half -1.8% to +1.3%), and +0.0% over 20.
After 563 past neutral report events, Soybeans moved a median -0.1% over 5 sessions (48% higher; middle half -1.7% to +1.6%), and -0.1% over 20.
Not enough comparable past events yet for a historical read.
After 250 past neutral report events, Soybean Meal moved a median -0.1% over 5 sessions (49% higher; middle half -1.6% to +1.7%), and +0.4% 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.
