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DairyReporter summarized the May WASDE, noting a 2.5 million tonne cut to US 2023/24 corn stocks on higher ethanol and export expectations. The 2024/25 US corn harvest was forecast at 377.5 million tonnes, and global corn stocks were 5.1 million tonnes below investor forecasts.
Ukraine's 2024/25 corn crop was cut 4 million tonnes to 27 million.
Lower global corn stocks and a smaller Ukrainian crop tighten export supply, which supports feed corn prices. Soybean stocks were slightly above expectations, which limits soy price gains.
dairyreporter.comJane ByrneMay 13, 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.
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.
