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Economist Chad Hart said supply of US crops is outpacing demand, with the August WASDE forecasting record corn at 15.157 billion bushels and record soybeans at 4.589 billion bushels. Drought has eased across the Corn Belt except parts of Kansas.
Hart expects September reports could raise these totals further.
Record production forecasts and expected upward revisions point to ample supply and lower prices. Demand growth will be needed to offset the surplus.
hpj.comDave BergmeierAug 23, 2024After 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.
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.
