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The USDA released its August WASDE, showing record US soybean and corn yields and rising ending stocks. An AgResource analyst said the report held few surprises and that Chicago prices may only bounce briefly before harvest pressure returns.
Corn stocks reached a 33-year high.
Abundant US and world supplies point to limited price upside for corn and soybeans, with harvest selling likely to weigh on feed prices.
pembinavalleyonline.comAug 12, 2020After 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 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.
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.
