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USDA's weekly rating showed only 55% of corn good or excellent, down 6 points, and soybeans fell to 54% good or excellent. The decline was sharper than the trade expected and the condition index is the lowest since at least 1990.
Ratings this poor signal falling yield and production projections, which supports corn and soybean prices. The weak condition ratings also point to tighter feed grain supplies ahead.
dtnpf.comJoel KarlinJun 23, 2023After 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 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.
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.
