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USDA's June 12 WASDE raised new-crop soybean ending stocks to 495 million bushels from 480 million and left new-crop corn ending stocks unchanged at 2.1 billion bushels. The report also projected season-average farm prices, with wheat up five cents from the prior report.
USDA will release acreage and grain stocks reports on June 30.
Higher soybean stocks signal ample supply and weigh on soybean and meal prices. Corn is unchanged, so the report does little to alter the corn balance sheet.
agnetwest.comDanJun 12, 2017After 788 past bearish report events, SOY moved a median -0.3% over 5 sessions (47% higher; middle half -2.0% to +1.5%), and -0.9% over 20.
After 399 past bearish report events, SBM moved a median -0.4% over 5 sessions (44% higher; middle half -2.4% to +1.2%), and -1.0% 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 406 past neutral report events, WHEAT 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.
