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Corn, soybean and wheat futures fell further after the July 12 USDA reports, which were mostly neutral for soybeans and wheat and slightly bearish for corn. Crude oil dropped nearly $9, and recession talk and rising COVID cases in China added to demand concerns.
Macro-driven selling outweighed the USDA data, so lower energy prices and weaker demand expectations are pushing feed grain and soymeal values down.
dtnpf.comDana MantiniJul 12, 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 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.
After 171 past bearish report events, Crude Oil (WTI) moved a median -1.5% over 5 sessions (37% higher; middle half -4.8% to +1.9%), 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.
Corn extended losses after the USDA report, with crude down nearly $9 and recession and demand concerns adding pressure.
