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The USDA February WASDE left most corn numbers unchanged and raised Brazil's soybean crop to a record 125 million metric tons. U.S. soybean ending stocks fell 50 million bushels on higher exports, and U.S. wheat stocks dropped 25 million bushels.
A larger Brazilian crop adds export competition for U.S. soybeans, while the lower U.S. soybean stocks offset some of that pressure. The net price effect for animal-feed inputs was small.
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.
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.
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.
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.
