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CIH described the April WASDE as relatively neutral for corn, soybeans and wheat, since stock balance sheets came in slightly above expectations. Corn feed and ethanol use each rose 25 million bushels, and the season-average corn price fell to $4.70.
Brazilian corn production was held at 124 million tonnes.
With the report seen as neutral, the market will focus on crop progress reports and the May WASDE for new-crop direction. Feed buyers should watch those next signals rather than this report.
cihedging.comApr 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 563 past neutral report events, SOY moved a median -0.1% over 5 sessions (48% higher; middle half -1.7% to +1.6%), and -0.1% over 20.
After 406 past neutral report events, WHEAT moved a median -0.2% over 5 sessions (47% higher; middle half -1.6% to +1.5%), and +0.0% 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.
