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Analysts expect USDA's June 1 corn stocks to total 4.343 billion bushels, up about 6% from last year but the lowest June 1 figure since 2014. Traders are awaiting the pivotal USDA quarterly stocks and acreage reports for direction.
Stocks near a multi-year low imply average third-quarter demand, so the report's surprise relative to these expectations will drive near-term corn and soy price direction.
reuters.comKaren BraunJun 30, 2022After 563 past neutral report events, Soybeans moved a median -0.1% over 5 sessions (48% higher; middle half -1.7% to +1.6%), and -0.1% over 20.
After 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 1,283 past report events, Soybean Meal moved a median -0.1% over 5 sessions (47% higher; middle half -2.0% to +1.7%), and -0.2% 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.
