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USDA raised 2016/17 U.S. corn ending stocks to 2.403 billion bushels and soybean ending stocks to 480 million bushels, both up from October. The agency also increased corn ethanol use to 5.3 billion bushels and soybean export demand to 2.05 billion bushels, and raised its price outlooks for corn and soybeans.
Wheat ending stocks were pegged at 1.143 billion bushels.
Higher carryout means more surplus supply for the 2016/17 marketing year, which pressures futures and farm prices. Stronger ethanol and export demand partly offsets the bearish stocks increase.
brownfieldagnews.comJohn PerkinsNov 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 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 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.
