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USDA's March WASDE kept U.S. corn, soybean and wheat ending stocks unchanged, with corn projected at 1.892 billion bushels. Russian wheat output was forecast higher and Australian wheat lower, and Brazil's 2019/20 soybean crop was raised.
Markets were little moved because the changes were largely expected.
Higher Brazilian soy and Russian wheat supplies add to global availability, but the lack of U.S. changes leaves little reason for a sustained price move.
farmprogress.comMar 10, 2020After 770 past neutral report events, Corn moved a median +0.2% over 5 sessions (54% higher; middle half -1.1% to +1.6%), and +0.7% over 20.
After 563 past neutral report events, Soybeans moved a median -0.1% over 5 sessions (48% higher; middle half -1.7% to +1.6%), and -0.1% over 20.
After 406 past neutral report events, Wheat (SRW) moved a median -0.2% over 5 sessions (47% higher; middle half -1.6% to +1.5%), and +0.0% 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.
