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ING reported that the March WASDE was constructive for corn and soybeans, as global corn supply losses from South Africa, Ukraine, Mexico and Russia pushed global corn ending stocks down 2.4 million tonnes to 319.6 million. U.S. soybean ending stocks were held at 315 million bushels, below trade expectations of about 319 million.
Tighter global corn inventories and lower-than-expected U.S. soybean stocks support corn and soybean prices, although the U.S. corn carryout remains ample.
think.ing.comEwa MantheyMar 11, 2024After 1,040 past bullish report events, Corn moved a median +0.5% over 5 sessions (62% higher; middle half -0.9% to +2.0%), and +0.8% over 20.
After 747 past bullish report events, Soybeans moved a median +0.3% over 5 sessions (54% higher; middle half -1.4% to +2.1%), and +0.8% over 20.
After 406 past neutral report events, Wheat (SRW) 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.
