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USDA's weekly Grain Transportation Report showed unshipped 2022/23 wheat, corn and soybean export sales at 8.40 mmt, down 34 percent year on year. Weekly corn and soybean export sales fell sharply, and Class I railroads originated 28 percent fewer grain carloads than a year earlier.
The report also covered a USDA rule removing soybean color as a grade factor.
Weak export commitments and reduced rail grain originations signal soft demand and slow logistics, which typically weighs on US corn and soybean prices.
doi.orgAug 24, 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, SOY 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 moved a median +0.0% over 5 sessions (50% higher; middle half -1.6% to +1.8%), 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.
