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Corn and soybean futures fell sharply on May 13, 2021, the day after the USDA released its supply and demand estimates. An AgriVisor analyst said the report contained no major bullish surprises.
He noted that U.S. soybean supplies are expected to stay tight while global soybean supplies are expected to increase.
The lack of surprises in the USDA data removed the bullish case for corn and soybeans, and expected global supply growth limits upside for the soy complex. Feed buyers may find near-term prices softer as the market digests the report.
brownfieldagnews.comMark DorenkampMay 13, 2021After 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.
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.
