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USDA's monthly supply and demand report raised the 2016-17 U.S. soybean ending stocks estimate to 435 million bushels, above the trade average of 418 million. The agency also raised Brazil's corn and soybean outlook, while holding U.S. corn stocks at 2.32 billion bushels and cutting domestic wheat stocks by 10 million bushels.
A record Brazilian harvest is expected to displace U.S. soybean exports, which weighs on Chicago soybean futures, which fell to an eight-week low.
agcanada.comAGCanadaMar 9, 2017After 788 past bearish report events, Soybeans 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 (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.
