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USDA kept US corn, soybean and wheat ending stocks unchanged in the March WASDE. It raised world soybean ending stocks and Brazil soybean production to 134 million tons, while cutting Argentina to 47.5 million.
Global wheat ending stocks were lowered by 3 million tonnes to 301.2 million, mostly due to higher Chinese feed use.
Lower global wheat stocks are supportive for wheat, while the larger Brazil crop weighs on soybeans and the Argentina cut provides partial offset.
wnax.comMar 9, 2021After 769 past bullish report events, Wheat (SRW) moved a median +0.2% over 5 sessions (53% higher; middle half -1.4% to +2.0%), and +0.2% 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 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.
