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Soybeans rose overnight while wheat fell ahead of the USDA's WASDE report. Analysts expected little change to US balance sheets but possible revisions to South American production after recent weather volatility.
Corn stocks were expected to decline slightly and soybean carryout to rise.
Traders are positioning ahead of the report, and any South American production revisions could shift export competition. The expected changes are modest, so the price impact is likely limited unless the figures surprise.
agriculture.comTony DreibusFeb 8, 2018After 563 past neutral report events, SOY moved a median -0.1% over 5 sessions (48% higher; middle half -1.7% to +1.6%), and -0.1% over 20.
After 770 past neutral report events, CORN moved a median +0.2% over 5 sessions (54% higher; middle half -1.1% to +1.6%), and +0.7% over 20.
After 1,006 past bearish report events, WHEAT moved a median +0.0% over 5 sessions (50% higher; middle half -1.6% to +1.8%), and +0.3% 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.
