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Pro Farmer's report reaction says the U.S. soybean crop at 4.589 billion bushels came in well above the 4.469 billion trade estimate. Corn production was 15.147 billion bushels, slightly above expectations, but old- and new-crop corn ending stocks were cut.
Soybeans fell 20 to 22 cents in midday trade.
The large soybean crop is bearish for soybeans and soybean meal, which feed buyers use as protein. The corn stock cut is supportive for corn prices despite the larger production figure.
profarmer.comPro Farmer EditorsAug 12, 2024After 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 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.
After 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.
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.
