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USDA's first 2018/19 projections raise corn prices by about 50 cents and soybean meal prices by $25 per ton relative to the long-term baseline. Meat production is projected to rise 2.3 to 2.4 percent in 2019 after a near 3 percent increase in 2018.
Higher projected feed grain and meal prices combined with rising meat supplies squeeze livestock margins. Expectations of stronger feed costs support corn and soymeal prices while weighing on livestock prices.
brownfieldagnews.comMeghan GrebnerMay 21, 2018After 1,040 past bullish report events, Corn moved a median +0.5% over 5 sessions (62% higher; middle half -0.9% to +2.0%), and +0.8% over 20.
After 414 past bullish report events, Soybean Meal moved a median -0.1% over 5 sessions (48% higher; middle half -2.1% to +2.3%), and +0.3% over 20.
After 159 past bearish report events, Lean Hogs moved a median -0.2% over 5 sessions (47% higher; middle half -2.2% to +1.3%), and +1.0% over 20.
After 144 past bearish report events, Live Cattle moved a median -0.1% over 5 sessions (49% higher; middle half -1.1% to +0.9%), and +0.5% 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.
