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A Danish analyst writes that the March WASDE was viewed as bearish for corn and soybeans, as USDA left US ending stocks unchanged and lowered soybean and corn stock estimates in a way that was seen as weak. Wheat was bullish in isolation after global wheat stocks were cut.
The report overall was judged bearish versus expectations.
Overall bearish sentiment on corn and soybeans reflects the report falling short of trade expectations, while the wheat stock cut offers support.
effektivtlandbrug.landbrugnet.dkPeter ArendtMar 10, 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 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.
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.
Analyst judged the WASDE bearish for corn versus expectations, reinforcing selling pressure.
