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Soybeans were modestly lower after the USDA lowered old crop corn and soybean ending stocks and raised China's old crop import estimate. Corn rose on the new crop projection, which came in below the average pre-report estimate, and the agency also raised South American soybean estimates.
Lower US corn stocks support corn prices, while higher South American output and expectations of more soybean acres from planting delays limit soybean 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 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.
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.
