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Grain Price News compared the May 10 WASDE figures with Reuters poll expectations. Corn production was 14.86 billion bushels, 7 million below expectations, and corn 2023/24 stocks came in 68 million bushels below the market guess.
Wheat and soybean figures were also compared against trade estimates.
Corn stocks below expectations reinforce a firmer feed grain outlook, while soybean numbers were close to expectations. Buyers should expect the report to support corn prices in the near term.
grainpricenews.comMike VerdinMay 12, 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 563 past neutral report events, Soybeans moved a median -0.1% over 5 sessions (48% higher; middle half -1.7% to +1.6%), and -0.1% over 20.
After 406 past neutral report events, Wheat (SRW) 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.
