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U.S. grain export sales were weak in early February 2024, with soybean sales of 6 million bushels falling below trade expectations after cancellations. Corn sales were near the high end of expectations, and cumulative corn exports were up 29 percent year over year.
Weak soybean export demand and cancellations reduce demand for U.S. supplies, which pressures soybean prices despite solid corn shipments.
ocj.comBernadette ArehartFeb 7, 2024After 803 past bearish trade events, Soybeans moved a median +0.0% over 5 sessions (51% higher; middle half -1.7% to +1.7%), and +0.9% over 20.
After 480 past neutral trade events, Corn moved a median +0.2% over 5 sessions (54% higher; middle half -1.1% to +1.6%), and +0.7% over 20.
After 375 past bearish trade events, Wheat (SRW) moved a median -0.2% over 5 sessions (47% higher; middle half -2.0% to +1.1%), and -0.1% 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.
