Loading…
Corn and soybean futures fell after USDA's weekly crop progress report showed U.S. corn at 54% good to excellent, down only one point and a 10-year low, a smaller decline than the trade expected. The suspension of USDA's weekly export sales report also weighed on prices.
A better-than-feared crop rating removes some supply-driven support from corn and soybeans, shifting focus to demand and Brazil's safrinha competition, which points to softer feed grain and meal prices.
grainews.caGFM Network NewsAug 31, 2022After 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 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.
