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The USDA raised its outlook for US corn, soybean and wheat ending stocks in its April report. Corn ethanol use was cut to 5.05 billion bushels as fuel demand fell during the coronavirus outbreak.
Wheat and soybean carryouts rose on weaker export demand.
Stocks above trade estimates signal ample domestic supply and weaker export demand, which is bearish for futures. Lower ethanol grind also reduces DDGS supply for feed buyers.
country-guide.caMark WeinraubApr 9, 2020After 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 788 past bearish report events, Soybeans moved a median -0.3% over 5 sessions (47% higher; middle half -2.0% to +1.5%), and -0.9% 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.
Not enough comparable past events yet for a historical read.
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.
