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USDA's June WASDE put new-crop corn ending stocks at 1.57 billion bushels, down slightly from May and below the trade average of 1.65 billion. Soybean ending stocks of 385 million bushels came in below the pre-report estimate of 440 million.
Domestic wheat stocks were 946 million bushels, below the trade guess of 957 million.
Lower carryouts across corn, soybeans and wheat tighten balance sheets and support prices. Soybean meal and feed grain costs are likely to remain firm in the near term.
rrfn.comDon WickJun 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 769 past bullish report events, Wheat (SRW) moved a median +0.2% over 5 sessions (53% higher; middle half -1.4% to +2.0%), and +0.2% 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.
