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Chicago soybeans rose more than 1.5% to their highest in nearly nine years, while corn climbed to its highest since 2013 and wheat was flat. Traders cited shrinking global feed grain supplies and positioning ahead of a USDA supply and demand report due that day.
Tightening feed grain supplies raise corn and soybean meal costs for feed buyers, and the upcoming USDA report could move prices sharply in either direction.
feedandgrain.comMay 12, 2021After 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 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 406 past neutral report events, Wheat (SRW) moved a median -0.2% over 5 sessions (47% higher; middle half -1.6% to +1.5%), and +0.0% 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.
