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CBOT soybean, corn and wheat futures fell on December 8 after USDA's monthly report, with soybeans settling down 7-3/4 cents at $13.04 a bushel. The USDA estimate of Brazil's soybean crop at 161 million metric tons came toward the high end of trade expectations.
U.S. government data also showed sales of 1.12 million tons of soft red wheat to China.
The report eased concerns about global oilseed supply, which pressured soybean futures lower. Grain futures were also pushed down by profit-taking after the report, though wheat export sales to China give some support.
farmtario.combrendan-obrien, ReutersDec 8, 2023After 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 1,102 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 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.
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.
