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Markets turned bearish after USDA's February WASDE, which kept 2024/25 U.S. corn and soybean ending stocks unchanged rather than lowering them as expected. Wheat ending stocks were trimmed by 4 million bushels, and the report was followed by a fall in prices.
The report's failure to tighten U.S. balance sheets, combined with large fund long positions, raises the risk of a sharp price correction. Feed buyers may see cheaper spot corn and soybeans in the near term.
michiganfarmnews.comFarm News MediaFeb 11, 2025After 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.
After 788 past bearish report events, Soybeans moved a median -0.3% over 5 sessions (47% higher; middle half -2.0% to +1.5%), and -0.9% over 20.
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.
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.
