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Soybean futures held firm after the May USDA report, while corn and most wheat contracts fell. USDA projected 2021-22 corn ending stocks at 1.507 billion bushels, above the 1.344 billion trade average, and forecast a large U.S. wheat harvest.
Higher new-crop corn stocks and prospects for a large U.S. wheat crop point to lower feed grain and wheat prices, while smaller Argentine soybean output supports soybean values.
farmprogress.comBen PotterMay 12, 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.
After 1,006 past bearish report events, Wheat (SRW) moved a median +0.0% over 5 sessions (50% higher; middle half -1.6% to +1.8%), and +0.3% over 20.
After 747 past bullish report events, Soybeans moved a median +0.3% over 5 sessions (54% higher; middle half -1.4% to +2.1%), and +0.8% 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.
