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USDA's March WASDE left 2021/22 U.S. corn ending stocks at 1.44 billion bushels, down from 1.54 billion in February and in line with trade estimates. Soybean ending stocks fell to 285 million bushels from 325 million, within pre-report expectations.
U.S. wheat ending stocks rose slightly to 653 million bushels, a small surprise to traders.
Tighter U.S. corn and soybean carryouts are mildly supportive for those markets, while the wheat increase adds modest bearish pressure. With few surprises, the report is unlikely to move prices much on its own.
rrfn.comDon WickMar 10, 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 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 1,006 past bearish report events, Wheat (SRW) moved a median +0.0% over 5 sessions (50% higher; middle half -1.6% to +1.8%), 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.
