Loading…
Commentary says the coronavirus pandemic has pushed Chicago soy and maize prices down by up to 20% as biofuel and feed demand shrinks. A record US maize crop is also expected.
The author expects wheat to gain from increased acreage.
Lower demand and larger expected US corn supply weigh on corn and soybean prices, while wheat's acreage shift supports a firmer wheat outlook.
batimes.com.arMichael SoltysMay 23, 2020After 301 past bearish macro events, Corn moved a median -0.1% over 5 sessions (47% higher; middle half -2.2% to +1.3%), and +0.2% over 20.
After 273 past bearish macro events, Soybeans moved a median -0.4% over 5 sessions (44% higher; middle half -2.4% to +1.4%), and -0.5% over 20.
After 57 past bullish macro events, Wheat (SRW) moved a median +0.3% over 5 sessions (65% higher; middle half -0.5% to +1.7%), 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.
