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USDA's July 30 Crop Progress report rated 72% of US corn and 70% of soybeans good to excellent, well above last year's corn rating of 61%. Problem areas remain in Missouri, Kansas, North Carolina and Texas, while farmers at a Pro Farmer conference described crops as either very good or very poor.
Some analysts question whether the ratings reflect the full picture.
Strong national ratings point toward large supplies, which is mildly bearish for corn and soybean prices, though regional losses limit the downside.
lakeviewgrainsllc.comJul 30, 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.
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.
