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Chicago soybean futures held near a three-week high in European trading as brisk export demand offset the USDA's forecast for a record US harvest. Corn recovered from a seven-year low hit after the USDA also projected a record crop.
Wheat ticked lower under large global supplies.
Strong export sales to China are offsetting the record crop outlook, supporting soybean prices. Feed buyers should expect firm soybean and corn costs while wheat remains a cheaper alternative.
agweek.comGus Trompiz, Naveen Thukral, ReutersAug 16, 2016After 747 past bullish report events, Soybeans moved a median +0.3% over 5 sessions (54% higher; middle half -1.4% to +2.1%), and +0.8% 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 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.
