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Grain and soybean markets focused on South American production in the February WASDE. USDA's Argentine soybean estimate of 45 MMT and Brazilian estimate of 134 MMT were both above average trade guesses, and old-crop soybean futures came close to $16 a bushel.
Domestic corn ending stocks were unchanged at 1.54 billion bushels, against trade expectations of a drop.
Soybean prices were supported by the South American cuts, but the report came in less bullish than traders expected. Corn stocks held steady, which kept corn prices from rallying further.
farmweeknow.comDELOSS JAHNKEFeb 9, 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 414 past bullish report events, Soybean Meal moved a median -0.1% over 5 sessions (48% higher; middle half -2.1% to +2.3%), and +0.3% over 20.
After 770 past neutral report events, Corn moved a median +0.2% over 5 sessions (54% higher; middle half -1.1% to +1.6%), and +0.7% 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.
