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USDA's July report cut 2023/24 corn ending stocks 145 million bushels to 1.877 billion, while new-crop corn stocks came in near 2.10 billion, below trade estimates. Soybean old-crop ending stocks were trimmed to 345 million bushels and new-crop stocks were projected at 435 million.
Tighter-than-expected corn and soybean stocks support prices, though the market is skeptical of the higher usage figures and anticipates higher yields later.
admis.comADMIS Research TeamJul 26, 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 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.
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.
