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USDA lowered 2020-21 U.S. corn ending stocks by 95 million bushels to 1.257 billion bushels in its May WASDE, citing higher export demand. It left old-crop soybean stocks at 120 million bushels and raised new-crop soybean stocks by 140 million bushels.
The old-crop corn cut tightens nearby supplies, supporting feed grain prices, while the new-crop soybean stocks outlook remains tight, keeping soymeal costs firm.
dtnpf.comMay 12, 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.
The USDA report summary shows new-crop soybean stocks raised by 140 million bushels, a bearish supply signal for meal on the day of the drop.
