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The American Farm Bureau outlined how USDA cut 2019/20 corn ending stocks by 258 million bushels and raised feed and residual use. It also described the October WASDE revisions to old-crop and new-crop corn and soybean balance sheets following the September 30 stocks report.
Lower old-crop corn stocks and higher feed use tighten the balance sheet, supporting corn and soybean prices into the new crop year.
fb.orgShelby MyersOct 9, 2020After 1,040 past bullish report events, Corn moved a median +0.5% over 5 sessions (62% higher; middle half -0.9% to +2.0%), and +0.8% 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.
