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Texas A&M economist Mark Welch says the USDA report showed 2018 U.S. corn carryover stocks at 12 percent, below the typical 15-20 percent range, with domestic use estimates lowered. Corn prices fell after the report despite the tighter supply, and he links the muted reaction to uncertainty over China trade talks and soybean exports.
Tight carryout normally supports corn, but the lack of price response and wet planting weather leave the near-term price direction uncertain for feed buyers.
cornsouth.comVicky BoydMar 1, 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.
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.
