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The Bloomberg Grains Index reached a 17-month high after USDA's monthly supply and demand report projected lower end-of-season US corn and soybean stockpiles. The article attributes the August-led rally in grains to that report.
Tighter projected US carryout supports corn and soybean prices and feeds into higher costs for meal and feed buyers.
home.saxoSep 23, 2023After 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 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 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.
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.
