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Grain futures moved mixed after USDA released its delayed February reports, which showed smaller corn and soybean crops. Corn usage fell 165 million bushels, and 2018/19 corn ending stocks dropped 46 million bushels to 1.735 billion.
Traders were also watching renewed U.S.-China trade talks.
Smaller crops are offset by weaker demand, so the net effect on feed grain prices is limited. Trade talks with China are a key swing factor for soybean demand.
feedstuffs.comBen PotterFeb 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, 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.
