Loading…
USDA set old-crop corn ending stocks at 2.259 billion bushels and old-crop soybeans at 435 million, with new-crop wheat ending stocks at 914 million bushels. Traders were surprised by the low 2017-18 soybean carryout, and Brazil's soybean crop was pegged at 111.6 million tons.
Record Brazilian output and record U.S. soybean acres keep the trade bearish on new-crop soybeans, limiting upside from the lower stocks figure.
ocj.comBrianna SmithMay 10, 2017After 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.
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 (SRW) 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.
