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Grain Farmers of Ontario reviews markets as Covid-19 drives volatility, with grain prices down sharply from January. The USDA March WASDE left US soybean and corn ending stocks and production largely unchanged.
USDA raised Brazil's soybean crop estimate to 126 MMT and kept Argentina's at 54 MMT.
The unchanged US balance sheets offer little fundamental support, while the higher Brazilian soybean estimate adds export supply and weighs on soybean and meal prices.
gfo.caStory by: Grain Farmers of OntarioMar 16, 2020After 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 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 406 past neutral report events, Wheat (SRW) moved a median -0.2% over 5 sessions (47% higher; middle half -1.6% to +1.5%), 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.
