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USDA's first 2024/25 estimates project U.S. harvests of 15.0 billion bushels of corn, 4.5 billion of soybeans, 1.9 billion of wheat and 0.4 billion of sorghum. The combined 21.9 billion bushels would be the second-largest on record, and storage is projected to be tight.
The Federal Maritime Commission also finalized a detention and demurrage billing rule.
A large projected crop implies heavier supply and softer prices for corn, soybeans and sorghum, although tighter storage could lift harvest-time transport demand.
doi.orgFeb 29, 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 788 past bearish report events, Soybeans moved a median -0.3% over 5 sessions (47% higher; middle half -2.0% to +1.5%), and -0.9% over 20.
Not enough comparable past events yet for a historical read.
After 406 past neutral report events, Wheat (SRW) moved a median -0.2% over 5 sessions (47% higher; middle half -1.6% to +1.5%), 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.
