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USDA data showed US corn condition fell 3 points to 67% good/excellent, and soybean condition fell 3 points to 65% good/excellent. Declines were attributed to hot, dry Midwest weather, and 19% of corn was in drought.
Falling crop ratings signal lower expected yields, which supports higher corn and soybean meal prices for feed buyers.
ukragroconsult.comJun 29, 2022After 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, SOY moved a median +0.3% over 5 sessions (54% higher; middle half -1.4% to +2.1%), and +0.8% over 20.
After 414 past bullish report events, SBM moved a median -0.1% over 5 sessions (48% higher; middle half -2.1% to +2.3%), 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.
