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USDA kept its 2019 corn yield at the trend level of 176 bushels per acre despite planting delays, and projected 2019-20 corn ending stocks at 2.48 billion bushels. Soybean ending stocks were projected to fall 25 million bushels to 970 million, with the soybean crop cut to 4.15 billion bushels.
Analysts said USDA had lowered corn ethanol use by 50 million bushels without changing exports.
A trend yield despite slow planting leaves room for later downward yield revisions, but current projected supplies still weigh on corn prices and the soybean crop cut partly supports soybean prices.
agri-pulse.comBen NuelleMay 10, 2019After 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 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.
