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The USDA projected 2021-22 U.S. corn ending stocks at 1.507 billion bushels in its May report, above the average trade guess of 1.344 billion. It was the agency's first official projection for the new marketing year beginning September 1.
Ending stocks well above expectations signal more new-crop corn supply than the trade had priced in, which weighs on futures and feed corn values.
reuters.comKaren BraunMay 13, 2021After 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.
