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USDA projected U.S. soybean ending stocks for 2017-18 at 480 million bushels, an 11-year high, after another large harvest. Corn stocks were seen declining slightly but staying plentiful, and wheat production was seen at an 11-year low.
Figures came in below market expectations, but record-high soy carryout keeps pressure on soybean and meal prices, while lower wheat output offers modest support.
agweek.comreuters mediaMay 10, 2017After 563 past neutral report events, Soybeans moved a median -0.1% over 5 sessions (48% higher; middle half -1.7% to +1.6%), and -0.1% 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 769 past bullish report events, Wheat (SRW) moved a median +0.2% over 5 sessions (53% higher; middle half -1.4% to +2.0%), and +0.2% 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.
