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The USDA released its February WASDE report, raising projected 2017/18 U.S. wheat ending stocks by 20 million bushels and cutting U.S. corn ending stocks by 125 million bushels. Global wheat supplies rose on larger crops in Argentina and Ukraine, while global corn stocks fell 3.5 million tons to 203.1 million.
Higher wheat stocks and lower U.S. corn stocks pull in opposite directions for feed grain pricing. Global corn tightness from Argentina and Ukraine could support prices, while wheat supplies add competition for feed use.
centralalbertaonline.comFeb 11, 2018After 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 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.
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.
