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Ontario livestock producers are seeing relief as corn and soybean prices trend lower from record highs. Analysts cite the USDA July 12 report projecting a record US corn crop and strong 2023-24 supplies, while farmers' broader costs for fuel, fertilizer and interest remain high.
Lower corn and soy prices ease feed costs for livestock and feed buyers, though the ongoing downward pressure depends on the size of the US crop.
farmtario.comStew SlaterJul 24, 2023After 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, SOY moved a median -0.3% over 5 sessions (47% higher; middle half -2.0% to +1.5%), and -0.9% 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.
