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CIH described the February WASDE as relatively neutral for corn, soybeans and wheat, since domestic ending stocks were near pre-report expectations. The report noted higher exports from Ukraine and Argentina, lower expected U.S. soybean exports and a U.S. stocks-to-use ratio at its highest since 2018/19.
A high stocks-to-use ratio and lower soybean exports point to ample supply that caps any price rally for feed grains and oilseeds.
cihedging.comFeb 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 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 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.
