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USDA cut 2022-23 U.S. soybean ending stocks to 210 million bushels, down 15 million from February, after lowering the crush estimate by 10 million and raising exports by 25 million. Corn export demand was reduced by 75 million bushels and corn ending stocks were raised by the same amount to 1.342 billion bushels.
Corn production was held at 13.730 billion bushels.
Lower soybean stocks tighten the U.S. soy balance and support soybean meal costs for feed users. The higher corn carryout signals weaker domestic corn demand, which pressures corn prices.
dtnpf.comDTN StaffMar 8, 2023After 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.
After 414 past bullish report events, SBM moved a median -0.1% over 5 sessions (48% higher; middle half -2.1% to +2.3%), and +0.3% over 20.
After 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.
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.
