Loading…
Grain futures traded mixed after USDA's stocks report showed larger-than-expected September 1 inventories of corn, soybeans and wheat. Corn supplies were 2.14 billion bushels, and soybean stocks were 438 million.
USDA also raised its 2018 all-wheat production estimate by 7 million bushels to 1.884 billion.
Bigger old-crop and new-crop supplies weigh on corn and soybeans, while smaller summer feed use implies weaker demand for feed ingredients.
farmprogress.comBryce Knorr 1Sep 28, 2018After 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 788 past bearish report events, Soybeans moved a median -0.3% over 5 sessions (47% higher; middle half -2.0% to +1.5%), and -0.9% over 20.
After 1,006 past bearish report events, Wheat (SRW) moved a median +0.0% over 5 sessions (50% higher; middle half -1.6% to +1.8%), and +0.3% 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.
