# WASDE update: A largely bearish affair | ING THINK

> Grain futures sold off after the April WASDE, which left Brazilian corn and soybean output unchanged despite expectations of cuts. USDA cut global corn ending stocks by 1.4 million tonnes and raised US soybean ending stocks to 340 million bushels. USDA's Brazilian corn estimate of 124 million tonnes sits well above CONAB's 111 million.

- Date: 2024-04-12 · published 2024-04-12T12:00:00.000Z
- Category: report · region Global · magnitude medium
- Page: https://feedsoft.ai/events/30671-wasde-update-a-largely-bearish-affair-ing-think
- Commodities: [Corn](https://feedsoft.ai/c/CORN.md), [Soybeans](https://feedsoft.ai/c/SOY.md), [Soybean Meal](https://feedsoft.ai/c/SBM.md)

## Why it matters

Keeping Brazil's crop high and raising US soybean stocks points to ample supply and lower feed grain and meal prices. Buyers can expect less upward pressure on feed costs.

## Read by commodity

- SBM: bearish ▼
- SOY: bearish ▼
- CORN: bearish ▼

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| CORN | 2023-11-10 | [WASDE update: Bearish release weighs on grains \| articles \| ING THINK](https://feedsoft.ai/events/33114-wasde-update-bearish-release-weighs-on-grains-articles-ing-think.md) | +0.0% | -0.3% |
| CORN | 2023-03-09 | [WASDE update: Argentine crops downgraded \| articles \| ING THINK](https://feedsoft.ai/events/36822-wasde-update-argentine-crops-downgraded-articles-ing-think.md) | -1.0% | -0.0% |
| CORN | 2021-07-13 | [WASDE update: Global wheat stocks tighten \| articles \| ING THINK](https://feedsoft.ai/events/46007-wasde-update-global-wheat-stocks-tighten-articles-ing-think.md) | -10.7% | -12.3% |
| CORN | 2024-01-15 | [WASDE update: Higher US corn and soybean supplies \| articles \| ING THINK](https://feedsoft.ai/events/11446-wasde-update-higher-us-corn-and-soybean-supplies-articles-ing-think.md) | +0.8% | -4.7% |
| CORN | 2023-09-13 | [WASDE update: Tighter wheat and looser corn market \| articles \| ING THINK](https://feedsoft.ai/events/34042-wasde-update-tighter-wheat-and-looser-corn-market-articles-ing-think.md) | -7.1% | -5.9% |
| SOY | 2023-11-10 | [WASDE update: Bearish release weighs on grains \| articles \| ING THINK](https://feedsoft.ai/events/33114-wasde-update-bearish-release-weighs-on-grains-articles-ing-think.md) | +2.4% | -1.8% |
| SOY | 2021-04-12 | [WASDE update: Tightening corn balance \| articles \| ING THINK](https://feedsoft.ai/events/47548-wasde-update-tightening-corn-balance-articles-ing-think.md) | +2.2% | +15.5% |
| SOY | 2024-01-15 | [WASDE update: Higher US corn and soybean supplies \| articles \| ING THINK](https://feedsoft.ai/events/11446-wasde-update-higher-us-corn-and-soybean-supplies-articles-ing-think.md) | +1.5% | -1.1% |

## Sources

- think.ing.com: https://think.ing.com/articles/wasde-update-a-largely-bearish-affair120424/

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.