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USDA's May 10, 2017 WASDE gave its first full 2017/18 corn and soybean balance sheets. Corn yield is projected at 170.7 bu/acre with production near 14.1 billion bushels, and soybean yield at 48 bu/acre with production of 4.255 billion bushels.
Projected ending stocks and lower consumption point to ample supplies, which keeps new-crop feed grain prices subdued, with $3.40 corn projected unchanged.
fb.orgJohn Newton, Ph.D.May 10, 2017After 1,102 past bearish report events, Corn moved a median -0.2% over 5 sessions (47% higher; middle half -1.8% to +1.3%), and +0.0% over 20.
After 788 past bearish report events, Soybeans moved a median -0.3% over 5 sessions (47% higher; middle half -2.0% to +1.5%), and -0.9% 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.
