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USDA raised its 2018/19 corn ending stocks forecast by 200 million bushels to 1.035 billion, about 50 million above trade guesses, while cutting feed, ethanol and export demand. Wheat carryout rose 32 million bushels to 1.087 billion, and the average wheat price was raised 5 cents to $5.20.
Soybean carryout fell 5 million bushels to 895 million.
Demand cuts combined with higher stocks signal a heavier corn and wheat supply overhang, which is bearish for feed grain prices. Soybean supply was little changed.
farmprogress.comBryce KnorrApr 9, 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 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 563 past neutral report events, SOY 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.
