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The Federal Reserve's August 2019 Beige Book reported poor farm income in most sectors, with trade issues and low commodity prices hurting farmers. Chicago District reported corn and soybean prices declining and crops up to a month behind due to a wet spring.
Atlanta District noted mixed drought conditions.
Weak farm income and delayed crop development point to reduced farm spending and pressure on feed grain prices as harvest approaches.
farmpolicynews.illinois.eduKeith GoodSep 10, 2019After 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.
