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USDA's Chief Economist Rob Johansson said at the Agricultural Outlook Forum that farmers are expected to produce record meat, milk and major crops in 2020. Exports are projected to rise about 3% to $139.5 billion for fiscal 2020, with China exports forecast at $14 billion, still well below phase-one commitments.
Corn and some other commodity prices are expected to fall or stay flat.
Record production expectations and modest export growth point to ample supplies and soft corn prices, while China purchases under the phase-one deal remain a potential upside for soybeans and other feed grains.
agri-pulse.comPhilip BrasherFeb 20, 2020After 630 past report events, Live Cattle moved a median +0.1% over 5 sessions (54% higher; middle half -0.9% to +1.1%), and +1.1% over 20.
After 563 past neutral report events, Soybeans moved a median -0.1% over 5 sessions (48% higher; middle half -1.7% to +1.6%), and -0.1% over 20.
After 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 250 past neutral report events, Soybean Meal moved a median -0.1% over 5 sessions (49% higher; middle half -1.6% to +1.7%), and +0.4% 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.
