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The Federal Reserve's July 2020 Beige Book reported weak agricultural conditions in the Atlanta district and cited COVID-19 pressure on farm incomes in the Chicago district. Corn and soybean prices rose after a USDA report showed smaller-than-expected corn plantings, and crop starts were good.
A smaller-than-expected corn acreage figure is supportive for corn and soybean prices, though good crop conditions limit the upside.
farmpolicynews.illinois.eduKeith GoodJul 15, 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.
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.
