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USDA's May WASDE report gives the first look at the 2024/25 balance sheets. It projects U.S. corn ending stocks at 2.102 billion bushels, up 4% from 2023/24, and an average corn price of $4.40 per bushel, down 5.4%.
The corn outlook is less bearish than it was at planting, and the projections do not yet account for slow Midwest planting.
A larger projected carryout and a lower season-average price point to softer new-crop corn values. Slow planting could still cut production estimates later and offset some of that pressure.
fb.orgBetty ResnickMay 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.
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.
