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The U.S. Grains Council's September 26 market outlook previews the USDA September stocks report. Trade estimates put 2023 soybean production at 4.164 billion bushels and corn at 15.290 billion bushels.
Corn September quarterly stocks are expected to reach a four-year high of about 1.844 billion bushels.
Stocks estimates above USDA's prior projections suggest ample old-crop supply, which tends to weigh on corn and soybean prices unless the report surprises sharply.
grains.orgSep 26, 2024grains.orgSep 26, 2024Not enough comparable past events yet for a historical read.
Not enough comparable past events yet for a historical read.
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.
After 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.
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.
