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Analysts at CHS Hedging said the May WASDE numbers came in largely in line with expectations, with no major surprises. Old-crop corn stocks rose six million bushels and old-crop soybean stocks reached 580 million bushels, while new-crop corn carryout was forecast at 3.318 billion bushels.
With the report largely expected, the market impact is muted, and attention shifts to the June Acreage report, where corn acreage above 92-95 million could alter the balance sheet.
iowaagribusinessradionetwork.comStaff EditorMay 12, 2020After 770 past neutral report events, Corn moved a median +0.2% over 5 sessions (54% higher; middle half -1.1% to +1.6%), and +0.7% over 20.
After 563 past neutral report events, Soybeans moved a median -0.1% over 5 sessions (48% higher; middle half -1.7% to +1.6%), and -0.1% 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.
