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CoBank reports that grain and oilseed prices kept sliding last quarter under a stronger US dollar, South American harvest arrivals and ample US stocks. US corn stocks are 8.35 billion bushels, up 13%, while soybean acreage rose 3% to 86.5 million acres and crush is at record levels.
Ample US corn stocks and record soybean crush point to weak feed grain prices and steady soymeal supply. Low Mississippi River water levels are a risk to shipments ahead.
world-grain.comSusan ReidyApr 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 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 250 past neutral report events, Soybean Meal moved a median -0.1% over 5 sessions (49% higher; middle half -1.6% to +1.7%), and +0.4% over 20.
Not enough comparable past events yet for a historical read.
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.
