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Corn and soybean futures trended lower after the late-June USDA planting report, with new-crop soybeans down 57 cents from early July through July 18. Favorable weather and expectations of record yields drove declines, with USDA's July WASDE assuming corn at 181 bushels per acre and soybeans at 52.
Expectations of record yields and ample supplies point to continued softness in corn and soybean prices, which benefits feed buyers over the coming harvest.
feedlotmagazine.comCourtesy of Livestock Marketing Information Center, Katelyn SteffensJul 26, 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.
