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Soybean prices came under heavy pressure after USDA raised national crop conditions to 59% good-to-excellent. Iowa and North Dakota deteriorated, while Illinois and Indiana improved but remained well below last year's ratings.
Uneven state-level conditions leave the crop tight in key states even as the national rating rises, which limits downside for soybean meal and feed costs. Analysts still expected longer-term support.
farmprogress.comKevin Van TrumpAug 1, 2017After 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 250 past neutral report events, Soybean Meal moved a median -0.1% over 5 sessions (49% higher; middle half -1.6% to +1.7%), and +0.4% 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.
