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USDA's March WASDE raised U.S. soybean ending stocks by 15 million bushels while cutting exports by 25 million, and raised Brazil's soybean crop by 4 million tons to a record 108 million. Corn and winter wheat futures also fell after the report, with May soybeans dropping below their 200-day moving average.
A larger Brazilian crop and higher U.S. carryout add supply to a market already facing weaker export demand, which pressures soybean, meal and oil prices.
farmprogress.comBob BurgdorferMar 9, 2017After 788 past bearish report events, SOY moved a median -0.3% over 5 sessions (47% higher; middle half -2.0% to +1.5%), and -0.9% over 20.
After 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 1,006 past bearish report events, WHEAT moved a median +0.0% over 5 sessions (50% higher; middle half -1.6% to +1.8%), and +0.3% over 20.
After 399 past bearish report events, SBM moved a median -0.4% over 5 sessions (44% higher; middle half -2.4% to +1.2%), and -1.0% 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.
