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Soybean futures closed at a six-month low after USDA's Sept. 1 stocks estimate came in well above trade expectations and harvest advanced.
Wheat futures neared a seven-week high, and corn gained on wheat strength.
The bearish stocks surprise removes old-crop support from soybeans, and prices will need outside support to recover. Corn's firmness, driven by wheat, is a partial offset for feed buyers.
profarmer.comPro Farmer EditorsOct 1, 2021profarmer.comPro Farmer EditorsOct 1, 2021After 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 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 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 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.
Wheat futures neared a seven-week high on Oct 1 amid the stocks report, indicating momentum and sentiment building that likely carried into the next trading session.
