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USDA's March WASDE raised U.S. 2022-23 corn ending stocks to 1.342 billion bushels, above the average trade estimate of 1.308 billion. Soybean ending stocks came in at 210 million bushels, below the 220 million expected, and wheat at 568 million, slightly under the 573 million expected.
Global corn and soybean carryover figures were also revised.
Heavier corn carryout points to a looser U.S. corn balance, which weighs on corn prices. Tighter soybean stocks than expected add support to soybean values for feed buyers.
profarmer.comHillari MasonMar 8, 2023After 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 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 769 past bullish report events, Wheat (SRW) moved a median +0.2% over 5 sessions (53% higher; middle half -1.4% to +2.0%), and +0.2% 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.
