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Corn futures struggled to gain after the April WASDE left Brazilian corn and soybean estimates unchanged. Soybean prices kept falling, and wheat fell about a penny as Russian, Ukrainian and Australian supplies increased and Middle East buyers reduced imports.
The report made only small changes to ending stocks.
Ample wheat supply from the Black Sea and Australia and weaker Middle East demand point to lower wheat prices. Corn and soybean markets had already priced in the modest changes.
farmprogress.comBen Potter, Jacqueline HollandApr 11, 2024After 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 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.
