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CBOT corn and soybean futures rose after the USDA's August report projected the biggest US corn harvest and second-biggest soybean harvest, with higher ending stocks for both crops. Corn stocks came in slightly below trade expectations.
Traders were also assessing storm damage from a Midwest derecho.
A record US corn crop and larger stocks are bearish for feed grain prices over time, but the friendlier-than-expected corn stocks figure and short covering supported futures in the near term.
brecorder.comReutersAug 12, 2020After 770 past neutral report events, Corn moved a median +0.2% over 5 sessions (54% higher; middle half -1.1% to +1.6%), and +0.7% 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.
After 250 past neutral report events, Soybean Meal moved a median -0.1% over 5 sessions (49% higher; middle half -1.6% to +1.7%), and +0.4% 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.
CBOT soy futures rose after the USDA report as traders weighed derecho storm damage, supporting meal gains on the day.
