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USDA's Grain Transportation Report for the week ending January 18 showed unshipped wheat, corn and soybean balances of 34.77 mmt, up 18% year over year. Weekly grain carloads originated by Class I railroads fell 17% from the prior week and were 31% below the three-year average.
The report also covered DOT rural transportation grant awards totaling $645.3 million.
Weak rail loadings and slower export sales point to soft demand pressure on US grain basis, while transport infrastructure investment has little near-term price effect.
doi.orgFeb 1, 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 56 past neutral report events, Crude Oil (WTI) moved a median +0.0% over 5 sessions (50% higher; middle half -2.7% to +2.5%), and +0.8% 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.
