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USDA's February 2021 WASDE raised U.S. corn exports, reflecting Chinese and unknown buyers' purchases of about 260 million bushels of old-crop sales in the past month. Corn ending stocks fell to 1.502 billion bushels, above the 1.392 billion trade average.
Corn futures dropped over 1% after the report, and wheat fell 1% on higher global supplies.
Strong Chinese buying supports U.S. corn exports, but higher global wheat supplies and the cut in U.S. ending stocks shape the price outlook for feed grains.
farmprogress.comBen PotterFeb 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 1,006 past bearish report events, Wheat (SRW) moved a median +0.0% over 5 sessions (50% higher; middle half -1.6% to +1.8%), and +0.3% 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.
