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The USDA report released the prior week held few surprises, with corn carryout slightly lower and soybeans slightly higher than expected. Corn crop conditions looked strong across most of the Corn Belt, and early harvest yields in southern Texas were the best ever for that region.
Trend-level yields and ample supply keep corn prices capped, while harvest-time basis is expected to weaken as corn becomes more available.
ocj.comBrianna SmithJul 18, 2016After 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 563 past neutral report events, Soybeans moved a median -0.1% over 5 sessions (48% higher; middle half -1.7% to +1.6%), and -0.1% 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.
