# March WASDE Report Not a Huge Surprise, but Wheat Liquidation Continues

> The March WASDE had few major surprises, but Kansas City and Chicago wheat fell to limit-down as liquidation continued. Corn, soybeans and soybean oil also fell, while soybean meal was the exception. Lower South American output and declining Black Sea exports were cited as key factors.

- Date: 2022-03-10 · published 2022-03-10T12:00:00.000Z
- Category: report · region Global · magnitude medium
- Page: https://feedsoft.ai/events/42240-march-wasde-report-not-a-huge-surprise-but-wheat-liquidation-continues
- Commodities: [Wheat (SRW)](https://feedsoft.ai/c/WHEAT.md), [Wheat (HRW)](https://feedsoft.ai/c/KWHEAT.md), [Corn](https://feedsoft.ai/c/CORN.md), [Soybeans](https://feedsoft.ai/c/SOY.md), [Soybean Oil](https://feedsoft.ai/c/SBO.md), [Soybean Meal](https://feedsoft.ai/c/SBM.md)

## Why it matters

Wheat's limit-down move reflects heavy fund liquidation and a mildly bearish balance sheet. Reduced Black Sea and South American supply limits the downside over time for wheat and oilseed prices.

## Read by commodity

- SBM: bullish ▲
- SBO: bearish ▼
- SOY: bearish ▼
- CORN: bearish ▼
- WHEAT: bearish ▼
- KWHEAT: bearish ▼

## Linked price moves

| Commodity | Date | Window | Change % | z-score | Why linked |
| --- | --- | --- | --- | --- | --- |
| SBM | 2022-03-10 | 5 | +8.6% | 2.8 | On March 10 soybean meal was the exception, rising while other grains fell after the WASDE, on lower South American output and falling Black Sea exports. |

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WHEAT | 2022-03-09 | [Wheat continues limit drop on March 2022 WASDE](https://feedsoft.ai/events/42333-wheat-continues-limit-drop-on-march-2022-wasde.md) | -3.1% | +3.6% |
| WHEAT | 2025-12-01 | [WASDE report signals continued low wheat, corn prices](https://feedsoft.ai/events/21971-wasde-report-signals-continued-low-wheat-corn-prices.md) | +1.9% | +0.7% |
| WHEAT | 2025-12-16 | [December WASDE Surprises Corn and Wheat Markets \| CZ app](https://feedsoft.ai/events/21444-december-wasde-surprises-corn-and-wheat-markets-cz-app.md) | +0.3% | +0.5% |
| WHEAT | 2023-06-20 | [Not much action in USDA's June WASDE report](https://feedsoft.ai/events/9772-not-much-action-in-usda-s-june-wasde-report.md) | +10.7% | -0.6% |
| WHEAT | 2026-03-10 | [Soybeans up, corn and wheat down after quiet March WASDE report - Brownfield Ag News](https://feedsoft.ai/events/10386-soybeans-up-corn-and-wheat-down-after-quiet-march-wasde-report-brownfield-ag.md) | -1.3% | -1.1% |
| KWHEAT | 2023-06-20 | [Not much action in USDA's June WASDE report](https://feedsoft.ai/events/9772-not-much-action-in-usda-s-june-wasde-report.md) | +2.9% | -1.8% |
| KWHEAT | 2021-06-11 | [Old-Crop Corn Stocks Surprise of WASDE Report \| Feed & Grain](https://feedsoft.ai/events/46505-old-crop-corn-stocks-surprise-of-wasde-report-feed-and-grain.md) | -8.6% | -6.4% |
| KWHEAT | 2026-01-12 | [January 2026 WASDE REPORT SUMMARY AND NOTES: - CIH](https://feedsoft.ai/events/7096-january-2026-wasde-report-summary-and-notes-cih.md) | -0.6% | -0.3% |

## Sources

- dtnpf.com: https://www.dtnpf.com/agriculture/web/ag/news/business-inputs/article/2022/03/10/march-wasde-report-huge-surprise

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.