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CIH described the October 11 WASDE as relatively neutral, maintaining a view of ample corn, soybean and wheat supplies. U.S. corn ending stocks fell to 1.999 billion bushels on higher old-crop usage and new-crop exports, even as yield rose to a record 183.8 bu/ac.
Global lower production estimates were also noted.
Lower corn ending stocks from stronger demand give some support to prices, but the record yield limits the upside. Attention is shifting to domestic demand and the South American planting season.
cihedging.comOct 11, 2024After 770 past neutral report events, CORN moved a median +0.2% over 5 sessions (54% higher; middle half -1.1% to +1.6%), and +0.7% over 20.
After 563 past neutral report events, SOY moved a median -0.1% over 5 sessions (48% higher; middle half -1.7% to +1.6%), and -0.1% over 20.
After 406 past neutral report events, WHEAT 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.
