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USDA raised its 2019/20 world soybean ending stocks to 102.44 million tonnes from 98.86 million in February, above the 99.33 million analysts expected. The agency raised Brazil's soybean harvest to 126 million tonnes and Argentina's to 54 million.
World corn ending stocks were also lifted slightly to 297.34 million tonnes.
Bigger South American soybean supplies and higher global stocks weigh on soybean meal and soy prices, which favours cheaper feed protein for buyers.
financialpost.comReutersMar 10, 2020After 788 past bearish report events, Soybeans moved a median -0.3% over 5 sessions (47% higher; middle half -2.0% to +1.5%), and -0.9% over 20.
After 399 past bearish report events, Soybean Meal moved a median -0.4% over 5 sessions (44% higher; middle half -2.4% to +1.2%), and -1.0% over 20.
After 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.
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.
