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Grain futures were mixed after USDA raised its old-crop corn and wheat stocks forecasts more than expected, while trimming soybean carryout by 10 million bushels. USDA cut its corn export forecast by 75 million bushels due to South American competition and lowered ethanol usage by 25 million bushels.
The larger corn carryout and lower export and ethanol demand weigh on corn values, and the average price forecast was trimmed. Soybean carryout was reduced, which provides only limited support.
farmprogress.comBryce KnorrMar 8, 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 (SRW) 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, 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.
