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Soybeans and corn closed lower after the USDA supply and demand report, with soybeans also pressured by fund and technical selling. China bought 664,000 tons of 2018/19 U.S. soybeans, short of trade expectations, and BR-163 highway closures limited soybean movement at Brazilian river ports.
Weaker-than-expected Chinese purchases and a larger U.S. corn carryout reduce near-term demand support for U.S. feed grains and meal. Brazilian logistics constraints give some offsetting support to U.S. export demand.
brownfieldagnews.comMar 8, 2019After 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 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 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.
