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Grain futures slipped at the open, with corn down 1-2 cents, soybeans down 3-4 cents and soybean meal up $1.80, while wheat fell 1-4 cents. Traders cited coronavirus fears and profit-taking, and ahead of USDA reports analysts expect lower corn and soybean stocks versus last year.
Cash corn weakened across the Corn Belt as ethanol output cuts added to inventories.
Ethanol production cuts add to corn stock overhang, pressuring cash corn, while expected lower USDA stocks offer some support ahead of the reports.
highlinegrain.comMar 26, 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 414 past bullish report events, Soybean Meal moved a median -0.1% over 5 sessions (48% higher; middle half -2.1% to +2.3%), and +0.3% over 20.
After 1,006 past bearish report events, Wheat (SRW) moved a median +0.0% over 5 sessions (50% higher; middle half -1.6% to +1.8%), and +0.3% 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.
