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The June WASDE held U.S. corn figures steady, with 14.86 billion bushels of production and 2.102 billion bushels of 2024-25 ending stocks. USDA raised soybean ending stocks by 10 million bushels to 455 million.
Traders had expected lower corn stocks, so the report came in above their forecasts.
Corn stocks above trade expectations are bearish for prices, and the soybean stock increase adds to the same pressure. Neutral new-crop balance sheets leave prices to weather and the next acreage report.
proag.comJun 13, 2024After 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.
After 788 past bearish report events, SOY moved a median -0.3% over 5 sessions (47% higher; middle half -2.0% to +1.5%), and -0.9% 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.
