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The April WASDE set US corn stocks at 1.352 billion bushels, down from 1.502 billion, and left soybean stocks at 120 million. Wheat stocks rose to 852 million from 836 million.
An analyst called the report a non-event for soybeans, noting USDA raised Brazil's soybean stocks by 2 million metric tons.
Corn stocks came in below expectations, supporting corn prices, while the higher Brazilian soybean stocks add a bearish lean to soybeans. The overall market impact was limited.
iowaagribusinessradionetwork.comRiley SmithApr 9, 2021After 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 788 past bearish report events, Soybeans moved a median -0.3% over 5 sessions (47% higher; middle half -2.0% to +1.5%), and -0.9% 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.
