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The February WASDE report was broadly in line with trader expectations, with the focus on Argentine crop losses from drought. USDA cut corn ethanol use and soybean crush by 25 and 15 million bushels, respectively, lifting ending stocks, and the average corn price was held at $6.70 per bushel.
Lower domestic usage offsets the bullish effect of Argentina's losses, so markets moved only modestly higher. Feed buyers face steady US corn and meal supplies, with South American shortfalls the main upside risk.
dtnpf.comDana MantiniFeb 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 250 past neutral report events, Soybean Meal moved a median -0.1% over 5 sessions (49% higher; middle half -1.6% to +1.7%), and +0.4% 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.
