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The FAO food price index fell slightly in July, as grain prices dropped 3.8% from June on northern hemisphere wheat harvests and favorable Canadian and US conditions. Vegetable oil prices rose 2.4% and meat costs gained 1.2%, while dairy was unchanged.
Overnight CBOT moves were mixed, with wheat and soyoil lower and soybeans and corn modestly higher.
Lower grain benchmarks reflect ample northern supply, which keeps feed grain costs contained for buyers. Firmer vegetable oil and meat prices point to higher costs for oilseed-based feeds and animal protein.
admis.comADMIS Research TeamAug 2, 2024After 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.
After 770 past neutral report events, Corn moved a median +0.2% over 5 sessions (54% higher; middle half -1.1% to +1.6%), and +0.7% over 20.
After 563 past neutral report events, Soybeans moved a median -0.1% over 5 sessions (48% higher; middle half -1.7% to +1.6%), and -0.1% 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.
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.
