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USDA's Grain Transportation Report says accumulated US corn, soybean and wheat exports and outstanding sales were down 15% and 40% respectively compared with the same period last year. It attributes weak demand to uncompetitive US prices, higher freight rates and reduced purchases by key buyers such as Mexico and Japan.
Lower export sales reduce grain transport demand and weigh on US corn, soybean and wheat prices unless new buying picks up.
doi.orgMay 11, 2023After 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.
After 1,006 past bearish report events, Wheat (SRW) moved a median +0.0% over 5 sessions (50% higher; middle half -1.6% to +1.8%), and +0.3% over 20.
Not enough comparable past events yet for a historical read.
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.
