Loading…
USDA's June WASDE raised U.S. 2022/23 corn ending stocks to 1.452 billion bushels and soybean stocks to 230 million, both above May and trade expectations. For 2023/24, corn and soybean ending stocks also came in above estimates, while wheat stocks were near forecasts.
Corn and soybean export expectations were lowered.
Higher projected U.S. stocks and lower export demand point to ample supplies, which weighs on corn and soybean prices and eases feed-cost pressure for buyers.
agriculture.comJun 9, 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.
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.
