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Pro Farmer reported that U.S. corn and soybean carryout were unchanged in the March WASDE, while wheat ending stocks rose to 673 million bushels and cotton fell to 2.5 million bales. USDA cut the 2023/24 corn farm price by 5 cents to $4.75 and kept the soybean price at $12.65.
Unchanged domestic corn and soybean stocks offer little price direction, while higher wheat carryout adds modest bearish pressure on wheat.
profarmer.comPro Farmer EditorsMar 8, 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, Soybeans moved a median -0.1% over 5 sessions (48% higher; middle half -1.7% to +1.6%), and -0.1% 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.
