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Traders at the CBOT reported that the February USDA report contained no surprises, leaving March corn and soybean contracts little changed. The USDA kept Brazil's corn crop at 95 million tonnes and cut Argentina's to 39 million, while raising Brazil's soybean crop to 112 million tonnes and lowering Argentina's to 54 million.
Offsetting changes in Brazilian and Argentine soybean estimates left net supply largely unchanged, and the lower Argentine corn crop was already priced in. Weather in South America remains the main driver for feed prices.
agcanada.comAGCanadaFeb 8, 2018After 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.
