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USDA's December 2024 WASDE showed minimal changes overall, with US corn, soybean and wheat production unchanged. US corn ending stocks came in below trade expectations at 1.738 billion bushels, and the soybean meal price forecast was cut $20 to $300 per short ton.
Soybean oil was unchanged at 43 cents per pound, and the wheat farm price held at $5.60 per bushel.
The lower corn carryout and export increase support corn prices, while the cut in the soybean meal price forecast reflects weaker expected meal values for feed buyers. Other crop prices were largely unchanged.
americanagnetwork.comDigital TeamDec 10, 2024After 1,040 past bullish report events, Corn moved a median +0.5% over 5 sessions (62% higher; middle half -0.9% to +2.0%), and +0.8% over 20.
After 399 past bearish report events, Soybean Meal moved a median -0.4% over 5 sessions (44% higher; middle half -2.4% to +1.2%), and -1.0% 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.
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.
