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USDA's September 1 grain stocks showed corn at 2.29 billion bushels and soybeans at 301 million bushels, both up sharply from a year earlier. Corn stocks came in 58 million bushels below trade estimates, implying higher feed and residual use in the fourth quarter.
Despite hurricane losses in Texas and Georgia, cottonseed supplies are expected to remain ample at favorable prices for dairy feed.
Large old-crop stocks cap upside in corn and soybeans, while firmer feed use supports demand into the new marketing year. Ample cottonseed supply should keep dairy feed costs manageable.
agproud.comDave NatzkeOct 19, 2017After 770 past neutral report events, Corn moved a median +0.2% over 5 sessions (54% higher; middle half -1.1% to +1.6%), and +0.7% 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.
Not enough comparable past events yet for a historical read.
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.
