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December 2020 corn settled at $3.35 per bushel and November soybeans at $8.61 on June 29, levels near mid-2000s prices. Corn fell 14% from its February projected price, driven by COVID-19 concerns.
Analysts note these harvest-time levels are well below recent years.
Lower harvest-time price expectations reduce the incentive for farmers to expand production and signal weaker feed grain costs ahead. Buyers can plan on cheaper corn and soybean supplies at harvest.
farmdocdaily.illinois.eduHongxia JiaoJun 30, 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.
