Loading…
US Department of Agriculture weekly export sales for the week ended March 21 showed 339.6 thousand metric tons of wheat, 1,206.5 thousand tons of corn, 263.9 thousand tons of soybeans and 127.3 thousand tons of soymeal in net sales. Analysts also published estimates for March 1 quarterly grain and soybean stockpiles ahead of the USDA release.
Strong corn and soybean export sales signal solid foreign demand that supports prices into the new crop. The pending stockpile report could move prices if USDA numbers differ sharply from trade estimates.
blog.pricegroup.comJack ScovilleMar 28, 2024After 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.
After 747 past bullish report events, Soybeans moved a median +0.3% over 5 sessions (54% higher; middle half -1.4% to +2.1%), and +0.8% over 20.
After 414 past bullish report events, Soybean Meal moved a median -0.1% over 5 sessions (48% higher; middle half -2.1% to +2.3%), and +0.3% over 20.
After 406 past neutral report events, Wheat (SRW) moved a median -0.2% over 5 sessions (47% higher; middle half -1.6% to +1.5%), and +0.0% 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.
