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Markets showed little reaction to the July WASDE report. Sept corn futures closed 15.75 cents higher at $5.4575 and soybeans rose on the report, with November soybeans up 21.25 cents.
Old-crop soybean stocks matched June at 135 million bushels, while new-crop corn stocks came in above the trade estimate.
Limited reaction suggests the report did not change the supply picture much, though above-expected new-crop corn stocks are a modest bearish signal for feed costs.
ukragroconsult.comJul 13, 2021After 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 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 250 past neutral report events, Soybean Meal moved a median -0.1% over 5 sessions (49% higher; middle half -1.6% to +1.7%), and +0.4% 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.
