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Farmers Business Network economist Kevin McNew said USDA's numbers for corn and soybeans came in about a bushel below trade expectations. Soybean exports were slashed significantly in USDA's projections, and corn exports also fell, and he advised farmers to store soybeans while the trade war continues.
Lower export projections amid the trade war add to soybean carryover, which pressures cash soybean and meal prices and may encourage farmer storage.
kornradio.comnedvedmediaNov 8, 2018After 803 past bearish trade events, Soybeans moved a median +0.0% over 5 sessions (51% higher; middle half -1.7% to +1.7%), and +0.9% over 20.
After 683 past bearish trade events, Corn moved a median -0.2% over 5 sessions (47% higher; middle half -1.7% to +1.6%), and +0.3% 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.
