Loading…
Corn and soybean futures fell after USDA's quarterly Grain Stocks report showed March 1 corn stocks at 8.347 billion bushels, a five-year high, and soybean stocks at a two-year high. Wheat stocks were at a three-year high, and USDA expects corn plantings to fall 5% in 2024.
Egypt and Saudi Arabia also made wheat purchase moves.
Large stocks and lower expected plantings weigh on grain prices, while the wheat tender activity offers only modest support for wheat import demand.
ukragroconsult.comApr 4, 2024After 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.
