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Chicago Board of Trade prices jumped after the January WASDE, with March soybeans up 51 cents within an hour and wheat and corn up 30 and 25 cents. USDA estimated soybean production at 4.135 billion bushels and cut ending stocks to 140 million bushels, while raising record exports to 2.23 billion.
Lower soybean ending stocks and higher exports tighten supplies, which supports soybean meal and feed costs. The fast price response shows the market reacted strongly to the lower supply figures.
michiganfarmnews.comFarm News MediaJan 12, 2021After 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 1,040 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 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 414 past bullish report events, Soybean Meal moved a median -0.1% over 5 sessions (48% higher; middle half -2.1% to +2.3%), 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.
