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Soybean and wheat futures gained on a technical bounce and an oil rally, while nearby live cattle hit a 17-month high. December corn fell 1.5 cents to 5.355 per bushel, and traders worried about EPA biofuel mandates for 2021 and 2022.
USDA reported corn export inspections of 28.5 million bushels and a 60% good-to-excellent crop rating.
Uncertainty over EPA biofuel mandates and soft export pace weigh on corn, while crude strength supports soyoil and cuts soymeal demand relative to oil.
profarmer.comPro Farmer EditorsAug 23, 2021After 310 past bearish policy events, CORN moved a median +0.3% over 5 sessions (54% higher; middle half -1.4% to +1.9%), and +0.6% over 20.
After 356 past bullish policy events, SOY moved a median +0.1% over 5 sessions (53% higher; middle half -1.2% to +2.3%), and -0.9% over 20.
After 223 past bearish policy events, SBM moved a median -0.3% over 5 sessions (45% higher; middle half -2.2% to +1.2%), and -0.6% over 20.
After 842 past bullish policy events, SBO moved a median +0.2% over 5 sessions (52% higher; middle half -1.6% to +2.1%), and -0.5% 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.
Reports nearby live cattle hit a 17-month high on Aug 23, the day of the move, which is direct evidence of the rally and sentiment-driven buying.
