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USDA data showed corn used for ethanol in October rose 7% month-on-month to 461.479 million bushels, and DDGS output reached 1,796,272 tons. Soybean crush hit a record 201 million bushels in October, with meal and oil production up sharply from September.
Record crush increases soybean meal supply, which is bearish for meal prices and feed costs, while strong ethanol grind supports corn demand and DDGS availability.
brownfieldagnews.comadminDec 1, 2023After 399 past bearish report events, SBM moved a median -0.4% over 5 sessions (44% higher; middle half -2.4% to +1.2%), and -1.0% over 20.
After 146 past bearish report events, SBO moved a median -0.0% over 5 sessions (49% higher; middle half -1.8% to +1.9%), and +0.4% over 20.
After 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.
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.
