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USDA's February WASDE cut U.S. corn ending stocks for 2016-17 by 35 million bushels to 2.320 billion, driven by higher ethanol, feed and industrial use. U.S. soybean ending stocks were held at 420 million bushels, and wheat ending stocks were lowered to 1.139 billion bushels, below pre-report estimates.
Lower corn and wheat ending stocks tighten old-crop supplies and support prices, while unchanged soybean stocks leave the soy balance sheet without new support. The wheat cut was a larger surprise than the corn cut, so it carries more price weight.
dtnpf.comFeb 9, 2017After 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 769 past bullish report events, Wheat (SRW) moved a median +0.2% over 5 sessions (53% higher; middle half -1.4% to +2.0%), and +0.2% 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.
