# WASDE 'caught trade a little off guard' | Profitability | farmweeknow.com

> 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.

- Date: 2022-02-09 · published 2022-02-09T12:00:00.000Z
- Category: report · region Global · magnitude medium
- Page: https://feedsoft.ai/events/42676-wasde-caught-trade-a-little-off-guard-profitability-farmweeknow-com
- Commodities: [Soybeans](https://feedsoft.ai/c/SOY.md), [Soybean Meal](https://feedsoft.ai/c/SBM.md), [Corn](https://feedsoft.ai/c/CORN.md)

## Why it matters

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.

## Read by commodity

- SBM: bullish ▲
- SOY: bullish ▲
- CORN: neutral

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| SOY | 2025-02-11 | [USDA trims South American corn, soybean estimates \| Crop Conditions \| farmweeknow.com](https://feedsoft.ai/events/25994-usda-trims-south-american-corn-soybean-estimates-crop-conditions-farmweeknow-com.md) | -1.0% | -4.9% |
| SOY | 2022-01-12 | [Commodity markets take USDA’s WASDE in stride \| An official publication of Michigan Farm Bureau](https://feedsoft.ai/events/43103-commodity-markets-take-usda-s-wasde-in-stride-an-official-publication-of.md) | +1.1% | +15.8% |
| SOY | 2022-10-18 | [WASDE Recap: Corn and Soybeans at a Turning Point - farmdoc daily](https://feedsoft.ai/events/14896-wasde-recap-corn-and-soybeans-at-a-turning-point-farmdoc-daily.md) | -1.0% | +4.1% |
| SOY | 2022-08-20 | [Oilseeds: World Markets and Trade \|         Global Oil & Fats Business Online – gofbonline.com](https://feedsoft.ai/events/39999-oilseeds-world-markets-and-trade-global-oil-and-fats-business-online-gofbonline.md) | +7.8% | -1.8% |
| SOY | 2022-10-20 | [AFBF Farm Bil Priorities and WASDE Estimates Mixed - AG INFORMATION NETWORK OF THE WEST](https://feedsoft.ai/events/39099-afbf-farm-bil-priorities-and-wasde-estimates-mixed-ag-information-network-of.md) | +0.7% | +4.1% |
| SBM | 2018-05-21 | [2019 could squeeze livestock profitability even more - Brownfield Ag News](https://feedsoft.ai/events/65128-2019-could-squeeze-livestock-profitability-even-more-brownfield-ag-news.md) | +1.1% | -10.8% |
| SBM | 2026-03-10 | [Key takeaways from the March WASDE report - Pro Farmer](https://feedsoft.ai/events/20103-key-takeaways-from-the-march-wasde-report-pro-farmer.md) | +0.1% | -0.2% |
| SBM | 2020-08-24 | [Soybean-to-corn price ratio signals increasing soybean profitability \| Economic Research Service](https://feedsoft.ai/events/51644-soybean-to-corn-price-ratio-signals-increasing-soybean-profitability-economic.md) | +3.9% | +14.9% |

## Sources

- farmweeknow.com: https://www.farmweeknow.com/profitability/wasde-caught-trade-a-little-off-guard/article_ca5fa670-89ce-11ec-92a3-c73df08241ba.html

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