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USDA export sales for the week ending December 31 hit marketing-year lows for soybeans and sorghum, with China the biggest buyer but offset by cancellations from unknown destinations. Wheat sales were down 47% from the prior week, and corn sales fell 22%.
Soybean physical shipments were above projected needs for the marketing year.
Net cancellations and weaker weekly sales reduce near-term export demand for soybeans and sorghum, which is bearish, although China's strong buying continues to support the trade. The holiday week partly explains the weakness.
brownfieldagnews.comJan 7, 2021After 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.
Not enough comparable past events yet for a historical read.
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.
