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Soybeans were fractionally mixed after the April WASDE, as traders adjusted old and new crop spreads. USDA left U.S. export forecasts unchanged despite slow Chinese demand, and trade talks with China continued by teleconference.
Soybean meal was weak and soybean oil firm, while corn was steady to mostly firm.
Soybean meal weakness reflects expected lower Chinese meal demand from African swine fever, while firm soybean oil supports the crush margin. Corn was supported by spread adjustments rather than new demand.
brownfieldagnews.comApr 9, 2019After 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 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.
After 296 past bullish report events, Soybean Oil moved a median -0.0% over 5 sessions (49% higher; middle half -1.8% to +2.0%), and -0.5% 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.
