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Zaner Ag Hedge strategist Ted Seifried said USDA's September report lowered quarterly stocks despite only marginal production changes, with corn production up 2.67 million bushels and soybeans revised by 333,000 bushels. He called the below-expectation stocks bullish, implying demand was stronger than expected.
Stocks coming in below expectations on minimal production changes points to stronger-than-known demand, which supports corn and soybean prices and feed costs.
rrfn.comCarah HartSep 29, 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.
