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USDA made few changes in the June WASDE, with corn and wheat balances little changed on the report. New-crop soybean ending stocks rose to 155 million bushels.
Traders shifted attention to dry weather in the Midwest, especially Iowa.
Minor report changes leave the market focused on weather, which could drive near-term volatility. Higher soybean stocks are a mild bearish factor for soymeal costs.
agri-pulse.comBen NuelleJun 10, 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 788 past bearish report events, Soybeans moved a median -0.3% over 5 sessions (47% higher; middle half -2.0% to +1.5%), and -0.9% 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.
