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Crop futures moved sharply lower after USDA's larger-than-expected corn and soybean estimates, with corn at 14.2 billion bushels and soybeans at 4.38 billion. USDA's wheat production of 1.74 billion bushels also came in high versus trade estimates.
Bigger U.S. corn, soybean and wheat supplies than traders expected push prices down, lowering feed input costs.
brownfieldagnews.comJohn PerkinsAug 10, 2017
farmprogress.comAug 10, 2017After 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.
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.
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 399 past bearish report events, Soybean Meal moved a median -0.4% over 5 sessions (44% higher; middle half -2.4% to +1.2%), and -1.0% 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.
