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USDA's Quarterly Grain Stocks report put Sept. 1 corn stocks at 2.29 billion bushels, below the trade average of 2.35 billion, and soybean stocks at 301 million bushels versus 338 million expected.
Wheat stocks of 2.25 billion bushels were slightly above estimates. Dec. corn and Nov. soybean futures closed higher on the data.
Tighter-than-expected old-crop soybean and corn supplies support feed grain and soymeal prices, lifting feed costs for buyers.
agriculture.comMike McGinnisSep 29, 2017After 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, SOY moved a median +0.3% over 5 sessions (54% higher; middle half -1.4% to +2.1%), and +0.8% over 20.
After 414 past bullish report events, SBM moved a median -0.1% over 5 sessions (48% higher; middle half -2.1% to +2.3%), 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.
