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USDA's July WASDE cut old-crop US corn ending stocks to 1.877 billion bushels, about 250 million below trade expectations. The report raised feed and residual use by about 75 million bushels and exports by 75 million bushels, and new-crop corn carryout also came in below expectations.
A large unexpected drop in old-crop corn stocks driven by stronger demand tightens nearby supplies and supports corn prices, which raises feed costs.
agrinews-pubs.comTom DoranJul 16, 2024After 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.
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.
