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USDA's November WASDE projected the largest-ever U.S. corn crop and global soybean stocks at a record by season end. Corn and soybean futures fell after the release, and export sales of U.S. soybeans to China continued.
Record global soybean stocks and a massive U.S. corn crop point to ample supplies, which pressures feed grain and meal prices. Continued Chinese buying provides some support for soybeans.
feedandgrain.comFeed, Grain StaffNov 10, 2023After 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 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 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.
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.
