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The June 11 WASDE report lifted corn prices, with the market reversing from down 6 cents to up 10.5 cents shortly after release. USDA decreased soybean demand estimates while leaving soybean production unchanged.
A reduced corn outlook supports feed grain prices, while lower soybean demand estimates add pressure on soy and soymeal values.
iowaagribusinessradionetwork.comDustin HoffmannJun 11, 2019After 1,040 past bullish report events, Corn moved a median +0.5% over 5 sessions (62% higher; middle half -0.9% to +2.0%), and +0.8% over 20.
After 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 399 past bearish report events, Soybean Meal moved a median -0.4% over 5 sessions (44% higher; middle half -2.4% to +1.2%), and -1.0% 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.
