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Analysts surveyed before the May USDA report expected U.S. corn ending stocks to be about 77 million bushels lower than the prior month. A Wall Street Journal survey of 20 firms put old-crop corn stocks at 1.26 billion bushels and soybean stocks at 118 million.
Pre-report expectations for tighter old-crop stocks had supported prices, so the market's surprise at higher-than-expected stocks points to downward price pressure on corn.
rrfn.comCarah HartMay 7, 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.
