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USDA's March WASDE report cut Brazil's 2023/24 soybean production to 155 million tonnes from 156 million, below the trade's expectation of 151.6 million? The report pegged Argentina corn at 56 million tonnes and Brazil corn at 124 million tonnes.
U.S. corn, soybean and wheat ending stocks were set at 2.172 billion, 315 million and 673 million bushels respectively.
A smaller Brazil soybean crop tightens the South American balance and supports soybean meal and oil prices, while record South American corn keeps feed grain supplies ample.
agriculture.comCassidy WalterMar 8, 2024After 747 past bullish report events, SOY moved a median +0.3% over 5 sessions (54% higher; middle half -1.4% to +2.1%), and +0.8% over 20.
After 414 past bullish report events, SBM moved a median -0.1% over 5 sessions (48% higher; middle half -2.1% to +2.3%), and +0.3% over 20.
After 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.
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.
