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Pro Farmer reported a muted market reaction to USDA's April report, with corn and soybean futures slightly lower and wheat futures down 6 to 8 cents. US corn carryover was cut to 2.122 billion bushels, and soybean carryover rose to 340 million.
Wheat carryover increased to 698 million bushels.
Little change in the price reaction suggests the market had already priced in the adjustments. Feed buyers should expect little near-term change in ingredient costs from this report.
profarmer.comPro Farmer EditorsApr 11, 2024After 770 past neutral report events, CORN moved a median +0.2% over 5 sessions (54% higher; middle half -1.1% to +1.6%), and +0.7% 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 1,006 past bearish report events, WHEAT moved a median +0.0% over 5 sessions (50% higher; middle half -1.6% to +1.8%), and +0.3% 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.
