Loading…
Argentina's Buenos Aires Grains Exchange reported soybean planting at 39% complete, on pace with average, and corn planting at 32%, behind last year. Corn condition was rated 34% good to excellent, and recent rains improved soil moisture on more than 60% of planted area.
ABARES also raised its Australian wheat estimate to 31 million tonnes.
Dryness concerns in Argentina support South American corn and soy prices, while the larger Australian wheat crop pressures global wheat prices. Buyers face offsetting forces across grains.
feedandgrain.comKevin McNewDec 3, 2020After 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.
After 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 1,006 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.
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.
