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USDA's January report projected 2018-19 corn ending stocks at 1.735 billion bushels, down 46 million from December, on a 2018 corn crop of 14.4 billion bushels and an average yield of 176.4 bushels per acre. December 1 corn stocks were 11.952 billion bushels, and first-quarter disappearance rose about 280 million bushels year over year.
Lower ending stocks were offset by weaker consumption forecasts in key categories, so the report gave corn little price support. Feed buyers should expect corn to stay under pressure despite tighter supplies.
doi.orgTodd Hubbs, Hubbs, ToddJan 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.
