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USDA raised its Brazilian soybean forecast to a record 108 million tons from 104 million in February and boosted Brazil's corn to 91.5 million tons. The agency left Argentina's soybean crop at 55.5 million tons despite flood-related losses talk, while raising its Argentine corn estimate to 37.5 million tons.
Bigger South American output and higher world ending stocks for soybeans, corn and wheat point to lower prices and ample feed supply for buyers.
dtnpf.comDarin Newsom DTN Senior AnalystMar 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 399 past bearish report events, Soybean Meal 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.
