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USDA's April World Agricultural Supply and Demand Estimates trimmed wheat, corn and soybean prices slightly, citing large harvests and demand softness for soybeans and wheat. Corn's season-average price was forecast at $4.70/bu, down 5 cents.
Cattle, hog and poultry prices were projected to rise.
Lower feed grain prices reduce feed costs for livestock and poultry producers. Higher meat price forecasts point to stronger animal protein margins and demand for feed.
agriculturedive.comSarah ZimmermanApr 16, 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.
After 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 268 past bullish report events, Live Cattle moved a median +0.3% over 5 sessions (58% higher; middle half -0.7% to +1.4%), and +1.7% 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.
