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U.S. corn export sales reached a marketing year high in the week ending March 16, with over 3 million tons sold and nearly 2.3 million tons bought by China. Soybean oil also hit a marketing year high, while sorghum sales fell to a marketing year low after a Chinese cancellation.
Soybean, wheat, rice and soybean meal sales declined week-to-week.
Record corn export sales tighten U.S. corn supplies, supporting prices, while the sorghum cancellation weighs on sorghum demand and soybean meal sales slowing points to softer meal demand.
1230kfjb.comAshley AndersonMar 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 296 past bullish report events, Soybean Oil moved a median -0.0% over 5 sessions (49% higher; middle half -1.8% to +2.0%), and -0.5% over 20.
Not enough comparable past events yet for a historical read.
After 399 past bearish report events, Soybean Meal moved a median -0.4% over 5 sessions (44% higher; middle half -2.4% to +1.2%), and -1.0% 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.
