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USDA livestock analyst Shayle Shagam forecast corn prices will be slightly higher this marketing year but lower next crop year, while soybean meal prices are expected to rise in 2020/2021. Hay supplies are reported up about 2% with quality concerns in some areas.
The forecast of higher soybean meal prices next year supports the protein complex, while expected lower corn prices ease feed costs for livestock producers.
pnwag.netGlenn VaagenApr 8, 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 414 past bullish report events, Soybean Meal moved a median -0.1% over 5 sessions (48% higher; middle half -2.1% to +2.3%), and +0.3% 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.
