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USDA's March WASDE raised 2018/19 U.S. corn ending stocks by 100 million bushels to 1.835 billion, cut export and ethanol demand estimates, and left soybean exports unchanged. Soybean ending stocks fell 10 million bushels to 900 million, and wheat carryout rose 45 million bushels.
Higher corn carryout signals weaker demand and adds bearish pressure on corn prices, while the smaller soybean stocks figure is supportive for beans. Trade had expected a smaller corn stocks increase, so the surprise leans bearish for feed grain costs.
proag.comMar 8, 2019After 1,102 past bearish report events, Corn moved a median -0.2% over 5 sessions (47% higher; middle half -1.8% to +1.3%), and +0.0% 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 1,006 past bearish report events, Wheat (SRW) moved a median +0.0% over 5 sessions (50% higher; middle half -1.6% to +1.8%), 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.
