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The USDA cut old-crop corn ending stocks by 25 million bushels on higher food, seed and industrial use, and cut soybean stocks by 10 million bushels on a lower crush estimate. New-crop corn, soybean and wheat stocks came in below most pre-report expectations.
The agency raised South American corn and soybean production estimates.
Tighter U.S. old-crop stocks support nearby corn and soybean prices, while larger South American crops limit longer-term export gains.
brownfieldagnews.comJohn PerkinsMay 10, 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, Soybeans moved a median +0.3% over 5 sessions (54% higher; middle half -1.4% to +2.1%), and +0.8% 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.
