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New-crop soybean sales surged after the USDA crop report pushed futures near $10.80 a bushel. New-crop corn sales were considerably lighter, and old-crop sales stayed light.
Planting was ahead of the five-year average, with 75% of corn and 36% of soybeans planted.
Heavy forward selling of new-crop soybeans can add harvest pressure later in the year, while early planting progress points to a normal crop. Price effects are likely limited for now.
farmprogress.comBob BurgdorferMay 16, 2016Not enough comparable past events yet for a historical read.
Not enough comparable past events yet for a historical read.
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.
