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The February WASDE was broadly benign, but bulls expecting changes in corn and soybean demand were disappointed. U.S. corn ending stocks of 1.502 billion bushels came in nearly 140 million above trade estimates.
Soybean ending stocks fell 20 million bushels to 120 million on higher exports, and world wheat stocks were cut 9 million tonnes to 304.2 million.
The corn stocks surprise is bearish for corn prices, and tighter soybean and world wheat stocks support those markets.
wnax.comFeb 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 747 past bullish report events, Soybeans moved a median +0.3% over 5 sessions (54% higher; middle half -1.4% to +2.1%), and +0.8% 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.
