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The February WASDE was described as benign, with grains moving only slightly around the release. USDA's US figures showed corn ending stocks at 1.267 billion bushels and soybeans at 225 million, while Argentina's soybean output was cut 4.5 million tons to 41.5 million.
Little price movement suggests the market had already priced in the report. Argentina's shortfall supports soymeal demand from alternative origins.
ocj.comBrianna SmithFeb 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 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.
