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Analysts said the long-awaited USDA supply and demand report contained no major surprises. Economists noted that corn feed residual use was cut by 125 million bushels, more than expected.
A broker said a 45-million-bushel drop in corn and bean carryout was not enough to move prices.
Market participants see the report as neutral for prices, so feed buyers face no sharp price shift from it. Analysts suggested selling old-crop corn and beans while prices held steady.
brownfieldagnews.comLarry LeeFeb 8, 2019After 770 past neutral report events, Corn moved a median +0.2% over 5 sessions (54% higher; middle half -1.1% to +1.6%), and +0.7% 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.
