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USDA's weekly export inspections for the week ending August 22 showed soybean shipments of 35.4 million bushels, slightly below the prior week but at the high end of trade estimates. China took 22.5 million bushels, reducing its outstanding 2018 crop sales to under 65 million bushels.
Corn inspections rose to 25.2 million bushels, also at the high end of estimates.
Strong soybean export pace and China's continued buying support US soybean prices, though cumulative shipments are down 19% year on year. Corn export demand is solid but slightly behind the pace needed to match USDA's forecasts.
farmprogress.comBen PotterAug 26, 2019After 696 past bullish trade events, SOY moved a median +0.3% over 5 sessions (54% higher; middle half -1.3% to +1.9%), and +0.7% over 20.
After 224 past neutral trade events, SBM moved a median -0.2% over 5 sessions (43% higher; middle half -1.7% to +1.2%), and -0.2% over 20.
After 480 past neutral trade 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.
