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USDA's May WASDE set 2017-18 new-crop corn ending stocks at 2.11 billion bushels, in line with the pre-report average, and corn production at 14.065 billion bushels. New-crop soybean ending stocks came in at 480 million bushels, 88 million below the pre-report analyst average.
Soybean stocks below expectations signal tighter-than-feared new-crop supplies, supporting soybean meal and feed costs, while corn was roughly neutral.
dtnpf.comMay 10, 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.
