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USDA's February Crop Production and WASDE reports raised US corn ending stocks by 25 million bushels to 1.267 billion and soybean stocks to 225 million. USDA trimmed Argentina's soybean crop by 4.5 million tonnes to 41 million and its corn crop by 5 million tonnes to 47 million.
Cuts to Argentine output tighten global corn and soybean supplies, supporting prices for feed grains and soymeal. Higher US ending stocks partly offset this.
dtnpf.comDTN StaffFeb 8, 2023After 1,040 past bullish report events, Corn moved a median +0.5% over 5 sessions (62% higher; middle half -0.9% to +2.0%), and +0.8% 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 414 past bullish report events, Soybean Meal moved a median -0.1% over 5 sessions (48% higher; middle half -2.1% to +2.3%), and +0.3% 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.
