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USDA's March report left U.S. 2022-23 wheat ending stocks unchanged at 568 million bushels and wheat exports at 775 million. World wheat production was raised to 788.94 million tonnes, while Russian production was held at 92.0 million tonnes.
Soybean ending stocks were cut to 210 million bushels and corn carryout was raised.
Higher world wheat output and unchanged U.S. wheat stocks offer limited support to wheat prices. The soybean stock cut tightens the soy complex, which supports soybean meal values for feed buyers.
oklahomafarmreport.comSpencer AndersonMar 8, 2023After 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.
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 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.
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.
