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USDA reported that weekly corn and soybean export sales in the week fell to a marketing-year low, with corn down 66% and soybeans down 62% week over week. China was still the largest soybean buyer, while rice, cotton, beef and pork sales also declined.
Weak weekly export commitments signal softer near-term demand for US corn and soybeans, a bearish factor for prices.
brownfieldagnews.comMeghan GrebnerDec 23, 2020After 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 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 87 past bearish report events, Rough Rice moved a median +0.0% over 5 sessions (53% higher; middle half -2.1% to +2.4%), and +1.1% 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.
