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The USDA February WASDE cut global soybean production 5.0 million tonnes to 383.0 million, mainly on Argentina and Ukraine. Global corn output was lowered 3.6 million tonnes, with Argentina again the main drag, but futures showed no major reaction.
The lower global soybean and corn crops tighten world balance sheets, but the market largely ignored the report, so the price effect is limited.
realagriculture.comKara OosterhuisFeb 1, 2023After 747 past bullish report events, SOY moved a median +0.3% over 5 sessions (54% higher; middle half -1.4% to +2.1%), and +0.8% over 20.
After 1,040 past bullish report events, CORN moved a median +0.5% over 5 sessions (62% higher; middle half -0.9% to +2.0%), and +0.8% 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.
