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USDA left US corn and soybean supply and demand estimates unchanged but raised its South American soybean production projection. Analysts say coronavirus uncertainty is the main market driver, disrupting global commodity movements, and China has signaled it will need more commodities after US flash sales of soybeans.
Higher South American soybean output is bearish for world soy prices, while expected Chinese buying offers offsetting support.
farmweeknow.comDANIEL GRANT FarmWeekMar 11, 2020After 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.
After 770 past neutral report 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.
