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Chicago soybeans fell more than 2% after a USDA report raised U.S. soybean production and yield to record highs despite a lower acreage estimate. Corn and wheat each lost more than 1%.
Traders also saw cooler, wetter weather as bearish.
A larger-than-expected U.S. soybean crop increases exportable supply and pressures soybean and soymeal prices. Improved yields reduce the need for imports and lower feed costs for buyers.
ukragroconsult.comAug 16, 2022After 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 1,006 past bearish report events, Wheat (SRW) moved a median +0.0% over 5 sessions (50% higher; middle half -1.6% to +1.8%), 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.
