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USDA's February WASDE raised 2023/24 U.S. ending stocks for corn to 2.172 billion bushels, soybeans to 315 million bushels and wheat to 658 million bushels, all above trade expectations. USDA also trimmed Brazil's corn and Argentina's soybean crop estimates slightly.
Larger-than-expected U.S. carryout signals ample supply and weighs on corn and soybean prices, which pressures feed ingredient costs for buyers.
agriculture.comFeb 8, 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.
