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Corn and soybeans fell sharply midday after USDA reported 70% or more of each crop in good to excellent condition. Forecasts also pointed to relief from hot weather in the Midwest the following week.
Strong crop condition ratings and cooler forecasts reduce the risk premium, which lowers corn and soybean prices for feed buyers.
farmprogress.comJul 19, 2016After 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.
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.
