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Soybeans and corn rose modestly after the August USDA report, which raised yield estimates and 2020/21 ending stocks. China bought 258,000 tons of new-crop US beans, and a derecho is expected to trim Iowa corn later.
Soybean meal and oil firmed.
Strong Chinese buying supports soybean meal prices, while the expected storm-related trim to corn output could limit bearish pressure on feed grains.
brownfieldagnews.comAug 12, 2020After 696 past bullish trade events, Soybeans moved a median +0.3% over 5 sessions (54% higher; middle half -1.3% to +1.9%), and +0.7% over 20.
After 342 past bullish trade events, Soybean Meal moved a median +0.1% over 5 sessions (51% higher; middle half -1.1% to +2.6%), and +0.6% over 20.
After 224 past bullish trade events, Soybean Oil moved a median +0.4% over 5 sessions (54% higher; middle half -1.5% to +2.1%), and -0.5% over 20.
After 480 past neutral trade events, Corn moved a median +0.2% over 5 sessions (54% higher; middle half -1.1% to +1.6%), and +0.7% 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.
Reports that soybean meal and oil firmed after the August USDA report on August 12, alongside continued Chinese new-crop buying, directly describe the day's move.
