
Pro Farmer reported that USDA's March WASDE left U.S. corn and soybean ending stocks unchanged, while wheat carryover rose to 819 million bushels from 794 million. Futures showed a muted response, with wheat trading 5 to 8 cents lower by midmorning.
The higher U.S. wheat carryover is bearish for wheat, but the lack of change in corn and soybeans means feed grain prices saw little direct support from the report.
After 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.
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.
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.