Loading…
StoneX called the October WASDE neutral for grains and oilseeds. Corn yield was raised to 183.8 bu/ac, soybean yield was cut 0.1 bu/ac to 53.1, and wheat stocks fell 7 million bushels to 812 million.
Canadian canola was higher even though soybeans were lower, with the trade estimating Canada's crop at 17.0 to 17.5 MMT.
Smaller wheat stocks support the longer-term wheat outlook, but the trade viewed the report as a setback for bulls. Canola's strength despite a weaker soybean complex suggests Canadian supply concerns are supporting canola meal values.
stonex.comCraig TurnerOct 11, 2024Not enough comparable past events yet for a historical read.
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.
After 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.
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.
