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Reuters analysis notes US soybean supplies look unusually tight relative to corn, and that corn has lost a net 5.2 million acres versus original expectations over six years. The article projects 2023-24 US corn ending stocks at 2.16 billion bushels.
Tight soybean balance sheets relative to corn can support soybean meal prices, while acreage shifts toward soybeans could later rebalance the complex.
reuters.comKaren BraunNov 30, 2023After 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 747 past bullish report events, SOY moved a median +0.3% over 5 sessions (54% higher; middle half -1.4% to +2.1%), and +0.8% 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.
