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The January WASDE triggered a knee-jerk drop in grain markets because the numbers were less friendly than expected. USDA cut corn export demand by 75 million bushels and left soybean export demand unchanged.
Analysts said China's purchase commitments could tighten bean carryouts.
A 75 million bushel cut to corn export demand adds bearish pressure to corn, while potential Chinese soybean buying is a bullish factor for beans.
iowaagribusinessradionetwork.comStaff EditorJan 10, 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 747 past bullish report events, SOY 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.
