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The March 9 WASDE was viewed as neutral for corn and negative for soybeans, with US ending stocks unchanged. Brazil soybean production rose to 134 million tons while Argentina's fell to 47.5 million.
Trade had expected US corn stocks to fall about 31 million bushels.
Bearish soybean sentiment from the higher Brazil crop, combined with trade expecting smaller corn cuts, points to mild downward pressure on soy.
ocj.comBrianna SmithMar 9, 2021After 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 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.
