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USDA's March report cut U.S. corn and soybean carryout stocks and raised wheat stocks, compared with average trade estimates. Global corn and soybean stocks were trimmed, while global wheat stocks rose to 281.51 million tonnes.
Cotton stocks were also lowered globally.
Lower corn and soybean carryouts support those prices, while higher wheat stocks add bearish pressure. The changes are modest relative to trade expectations, so the net price effect is limited.
profarmer.comTim HoskinsMar 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 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.
