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South America harvested a record soybean crop that pressured US prices, while Russia increased planted wheat acres. The US corn outlook for 2017/18 shows higher domestic demand from ethanol and feed, with exports forecast to fall nearly 20% due to competition from Brazil and Argentina.
Weather patterns, including jet stream activity and South American planting conditions, are being monitored.
Record South American supply and lower expected US corn exports are bearish for US grain prices, while weather risks to planting and transport could add volatility.
lakeviewgrainsllc.comNov 28, 2017After 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, SOY moved a median -0.3% over 5 sessions (47% higher; middle half -2.0% to +1.5%), and -0.9% over 20.
After 406 past neutral report events, WHEAT moved a median -0.2% over 5 sessions (47% higher; middle half -1.6% to +1.5%), and +0.0% 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.
