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Soybean futures rallied around the April 10 USDA report after new export sales of 10.25 million bushels of old crop to Argentina and 9.3 million of new crop to China and unknown destinations. USDA cut 2017/18 soybean ending stocks by 5 million bushels, surprising the trade, and wheat prices stayed lower.
Fresh export demand and tighter world soybean carryout support soybean prices and the crush-driven meal supply outlook. Corn was flat, and wheat remained under pressure from ample stocks.
feedstuffs.comNational Hog Farmer StaffApr 10, 2018After 747 past bullish report events, Soybeans moved a median +0.3% over 5 sessions (54% higher; middle half -1.4% to +2.1%), and +0.8% over 20.
After 770 past neutral report events, Corn moved a median +0.2% over 5 sessions (54% higher; middle half -1.1% to +1.6%), and +0.7% 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.
