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Analysts said the May WASDE showed tighter global grain supplies than expected, with 2018/19 global corn ending stocks at 159.2 million MT against an average trade estimate of 182 million. The market reacted only cautiously, with corn showing little gain.
Global corn stocks well below expectations point to a tighter balance, but the muted price response suggests the market needs more confirmation before rallying.
realagriculture.comShaun HaneyMay 10, 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 563 past neutral report events, Soybeans moved a median -0.1% over 5 sessions (48% higher; middle half -1.7% to +1.6%), and -0.1% 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.
