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Corn prices are falling after a bearish May 2023 WASDE report, with December futures closing at $5.08 on May 12. USDA forecasts 2023-24 U.S. corn ending stocks of 56.43 million tonnes, and analysts expect prices to drop below $5, with StoneX seeing farm prices as low as $4.35.
Projected large ending stocks signal ample corn supplies ahead, pointing to lower feed corn prices and reduced cost pressure for feed buyers.
ukragroconsult.comMay 17, 2023After 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.
Describes corn December futures falling to $5.08 on May 12 after the bearish WASDE, with analysts expecting further declines, which confirms the report-driven move.
Analysts expected prices to fall below $5 following bearish WASDE, reflecting sentiment and supply outlook.
