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USDA's March WASDE unexpectedly raised Brazil's 2019/20 soybean production by 36.7 million bushels and lifted Paraguay's beginning stocks. Brazil's corn estimate was left unchanged despite most of the crop still being unplanted.
Corn fell about 1% and soybeans slipped half a percent.
Higher South American supplies ease tightness in global soybean stocks, pressuring soy and corn prices, though 2020/21 supplies remain the tightest in twelve years.
farmprogress.comBen PotterMar 9, 2021
iasoybeans.comIowa Soybean AssociationMar 9, 2021After 1,102 past bearish report events, Corn moved a median -0.2% over 5 sessions (47% higher; middle half -1.8% to +1.3%), and +0.0% 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.
After 399 past bearish report events, Soybean Meal moved a median -0.4% over 5 sessions (44% higher; middle half -2.4% to +1.2%), and -1.0% over 20.
After 296 past bullish report events, Soybean Oil moved a median -0.0% over 5 sessions (49% higher; middle half -1.8% to +2.0%), and -0.5% 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.
