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US soybean futures rose for a second session after a USDA supply outlook projected domestic soybean supplies would stay tight into 2022. Corn rose 1% despite an improved South American production outlook, and wheat gained more than 0.5%.
A tight USDA balance sheet outlook supports soybean and meal prices, which raises feed ingredient costs. Gains were capped by faster South American harvest progress.
brecorder.comReutersFeb 22, 2021After 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.
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.
