Loading…
The December WASDE kept the US corn balance sheet largely unchanged, but added 50 million bushels of corn for ethanol use, which trimmed ending stocks to 2.437 billion bushels, a 16.8% stocks-to-use ratio. USDA cut sorghum use for ethanol by the same amount and raised sorghum exports by 50 million bushels.
Brazil's beginning and ending stocks were raised by 11.81 million bushels.
The corn stocks-to-use ratio remains high, so the report keeps futures under pressure despite the small demand increase. The shift toward corn ethanol and away from sorghum changes feed grain demand mix.
grains.orgDec 14, 2017grains.orgDec 13, 2017grains.orgDec 13, 2017grains.orgDec 13, 2017Not enough comparable past events yet for a historical read.
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.
Not enough comparable past events yet for a historical read.
After 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.
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.
