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USDA's Grain Transportation Report says US grain stocks, especially soybeans, have stayed high through the 2018-19 marketing year. Soybean stocks were up 76 percent and corn stocks were 2 percent above the three-year average as of June 1, 2019.
The report also notes a shift toward truck movement in spring 2019 as barge and rail volumes fell.
Heavy stocks signal ample supply and weigh on soybean and corn prices. Lower barge and rail volumes also point to softer demand for grain freight.
doi.orgJul 11, 2019After 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 1,102 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.
