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The September WASDE report surprised the market and pushed corn down about 6 usd/mt, soybeans about 5 usd/mt and soymeal about 10 usd/mt. USDA projected a high US corn yield and production up 2%, expanding global corn stocks.
Peruvian fishmeal prices rose by as much as 50 usd/mt as the first-season quota remained largely unfulfilled.
A larger US corn crop and bigger global stocks weigh on corn, soy and meal prices, while tight Peruvian fishmeal supply and fishing bans support fishmeal prices for feed buyers.
en.lider.mediaLider MediaSep 21, 2018After 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 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.
Not enough comparable past events yet for a historical read.
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.
