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Reuters-polled expectations were compared with the June 12 WASDE, showing U.S. 2023-24 corn stocks of 2,022 million bushels and 2024-25 corn stocks of 2,102 million, both above trade estimates. Soybean stocks were 350 million and 455 million bushels, and 2024-25 wheat stocks of 758 million came in 20 million below expectations.
Global stock estimates were also reported.
Corn and soybean stocks above consensus are bearish, while lower-than-expected wheat stocks provide some support. The gap versus expectations matters more to prices than the level itself.
grainpricenews.comMike VerdinJun 12, 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, Soybeans moved a median -0.3% over 5 sessions (47% higher; middle half -2.0% to +1.5%), and -0.9% over 20.
After 769 past bullish report events, Wheat (SRW) moved a median +0.2% over 5 sessions (53% higher; middle half -1.4% to +2.0%), and +0.2% 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.
