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USDA's February WASDE raised world corn ending stocks by 2.7 million tonnes to 286.5 million, against pre-report expectations of a decline. U.S. corn exports were raised 50 million bushels on historically large Chinese purchases, and U.S. corn ending stocks fell 50 million bushels.
USDA projected the season-average corn price up 10 cents to $4.30 per bushel.
Higher Chinese purchases tighten U.S. supplies and lift the projected season-average price, which supports feed costs. The larger world stock figure partly offsets that effect.
michiganfarmnews.comFarm News MediaFeb 9, 2021After 1,040 past bullish report events, Corn moved a median +0.5% over 5 sessions (62% higher; middle half -0.9% to +2.0%), and +0.8% 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.
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.
