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USDA's April WASDE left several expected changes unmade, and analysts described a slightly bearish tone. Brazil's soybean crop has been getting worse while its corn crop looks better, and Argentina's corn numbers were unchanged.
World corn ending stocks rose by a larger amount than expected.
Brazil's weaker soybean crop supports soy prices, while a better Brazilian corn crop and higher world corn stocks weigh on corn prices.
iowaagribusinessradionetwork.comRiley SmithApr 8, 2022After 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 1,102 past bearish report events, Corn moved a median -0.2% over 5 sessions (47% higher; middle half -1.8% to +1.3%), 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.
