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USDA's May WASDE projected 2019-20 U.S. corn ending stocks at 2.485 billion bushels and soybean ending stocks at 970 million bushels, both early new-crop estimates made before planting was complete. USDA also switched to a single midpoint price forecast and added a 'World less China' ending stocks line.
DTN analysts called the U.S. and world ending stocks estimates bearish for corn, soybeans and wheat.
Large projected new-crop carryouts signal ample supplies for feed grains and soybean meal, which pressures futures and feed prices unless planting delays or trade talks change the outlook.
After 1,006 past bearish report events, WHEAT moved a median +0.0% over 5 sessions (50% higher; middle half -1.6% to +1.8%), and +0.3% over 20.
After 788 past bearish report events, SOY 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.
