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A roundup of the March 9, 2018 USDA report described it as mildly bearish for wheat and slightly friendly for corn. USDA raised US wheat stocks and global stocks on reduced Indian usage, and Brazil's corn crop was cut only 0.5 million tonnes to 84.5 million.
EU wheat prices slipped on weaker global demand as the Black Sea cold snap eased and Russian logistics recovered.
Higher wheat stocks and easing Black Sea logistics add supply and pressure export prices, which weighs on wheat used in feed. A small Brazilian corn cut keeps corn supply ample, limiting feed grain price gains.
farming.co.ukMar 9, 2018After 1,006 past bearish report events, Wheat (SRW) moved a median +0.0% over 5 sessions (50% higher; middle half -1.6% to +1.8%), and +0.3% 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.
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.
