Loading…
USDA's February 8, 2023 WASDE report put US corn ending stocks at 1,267 million bushels, soybeans at 225 million and wheat at 568 million. Corn was 1 million bushels below market expectations, soybeans 14 million above and wheat 8 million below.
Stocks figures near multi-year lows keep the supply picture tight, which supports futures prices for corn, soybeans and wheat. Surprises versus trade estimates were small, so the price effect is limited.
grainpricenews.comMike VerdinFeb 8, 2023After 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 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.
