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USDA raised its world corn ending stocks estimate by 4.1 million metric tons to 222.3 million, with Brazil's production up 3 million metric tons. U.S. ending stocks stayed unchanged despite a fast pace of corn export sales.
Higher Brazilian and world supplies add export competition for U.S. corn, while the unchanged U.S. balance sheet leaves the strong export pace as a possible source of future tightening.
dtnpf.comDec 9, 2016After 1,102 past bearish report events, Corn moved a median -0.2% over 5 sessions (47% higher; middle half -1.8% to +1.3%), and +0.0% over 20.
After 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.
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.
