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USDA's Sept. 1 grain stocks report put corn at 1.760 billion bushels and soybeans at 342 million bushels, both below average trade estimates.
Wheat stocks and production were slightly above pre-report expectations.
Lighter-than-expected corn and soybean stocks tighten old-crop supplies and support feed grain and meal prices. Heavier wheat supplies cap wheat's upside.
profarmer.comHillari MasonSep 30, 2024profarmer.comPro Farmer EditorsSep 30, 2024After 1,006 past bearish report events, Wheat (SRW) moved a median +0.0% over 5 sessions (50% higher; middle half -1.6% to +1.8%), and +0.3% over 20.
After 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 747 past bullish report events, Soybeans moved a median +0.3% over 5 sessions (54% higher; middle half -1.4% to +2.1%), and +0.8% over 20.
Not enough comparable past events yet for a historical read.
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.
