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USDA's weekly export report showed corn, soybean and wheat sales up sharply from the prior week and above trade forecasts. Old-crop corn sales were 18.4 million bushels, and new-crop soybean sales reached 56 million bushels, led by China.
Wheat sales of 24.6 million bushels were led by the Philippines, South Korea and Mexico.
Strong export commitments tighten old-crop balance sheets and support corn, soybean and wheat prices. Strong China soybean buying supports the new-crop outlook.
farmprogress.comBob Burgdorfer Senior Editor, Farm FuturesJul 20, 2017After 1,040 past bullish report events, Corn moved a median +0.5% over 5 sessions (62% higher; middle half -0.9% to +2.0%), and +0.8% over 20.
After 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 769 past bullish report events, Wheat (SRW) moved a median +0.2% over 5 sessions (53% higher; middle half -1.4% to +2.0%), and +0.2% 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.
