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USDA's June WASDE trimmed 2017-18 and 2018-19 US corn and soybean ending stocks. New-crop soybean stocks came in at 385 million bushels, below analyst expectations.
USDA raised the US winter wheat crop estimate to 1.198 billion bushels.
A lower new-crop soybean carryout points to tighter balances ahead of harvest, supporting soybean meal and oil values. Higher winter wheat output limits wheat's upside.
dtnpf.comJun 12, 2018After 1,040 past bullish report events, Corn moved a median +0.5% over 5 sessions (62% higher; middle half -0.9% to +2.0%), and +0.8% over 20.
After 747 past bullish report events, Soybeans moved a median +0.3% over 5 sessions (54% higher; middle half -1.4% to +2.1%), and +0.8% over 20.
After 406 past neutral report events, Wheat (SRW) moved a median -0.2% over 5 sessions (47% higher; middle half -1.6% to +1.5%), 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.
