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USDA's quarterly Grain Stocks report showed old-crop corn ending stocks at a 30-year high of 2.295 billion bushels, below analyst expectations, and soybean ending stocks of 301 million bushels, well below estimates. Wheat stocks of 2.253 billion bushels were near expectations.
The 2017 wheat crop was pegged at 1.741 billion bushels.
Soybean stocks well below expectations signal tighter supplies for crush and meal, supporting feed protein prices.
dtnpf.comSep 29, 2017After 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 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 414 past bullish report events, Soybean Meal 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.
