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Analysts said USDA's April WASDE kept U.S. corn ending stocks at 1.44 billion bushels, above the trade guess of 1.415 billion, and raised wheat stocks to 678 million bushels against an expected 656 million. Soybean stocks fell to 260 million bushels from 285 million.
Corn, wheat and soybean futures all rose after the report.
Despite bearish stock numbers, buyers kept bidding and volumes were light, so prices rose; feed costs are being supported by market sentiment rather than the fundamentals in the report.
agcanada.comAGCanadaApr 9, 2022After 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 769 past bullish report events, Wheat (SRW) moved a median +0.2% over 5 sessions (53% higher; middle half -1.4% to +2.0%), and +0.2% 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.
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.
