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USDA's quarterly Grain Stocks report showed March 1 corn stocks of 8.605 billion bushels, above the trade average of 8.335 billion. The Prospective Plantings report also showed higher-than-expected corn planted acreage, while soybean stocks and acreage were neutral to slightly positive.
Bigger stocks and more acres both point to ample corn supplies, which is bearish for corn feed prices. Soybeans were little changed by the reports.
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.
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.
