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Soybeans fell sharply on commercial and technical selling after USDA raised its record 2018 US production and yield estimates and increased new crop ending stocks. Corn also declined sharply on the higher production outlook and raised ending stocks, though dry conditions in parts of the Cornbelt could still cut yields.
Soybean meal and oil fell alongside beans, while wheat posted a modest weekly decline.
Higher US production and ending stocks weigh on soybean meal, corn and feed grain prices, and the bearish USDA revision is the main price driver. Dry Cornbelt conditions are a residual upside risk.
brownfieldagnews.comAug 10, 2018
news.agu.orgAug 28, 2018
phys.orgUniversity of IllinoisAug 8, 2018
iowafarmbureau.comTom BlockAug 13, 2018
mprnews.orgMark SteilAug 10, 2018After 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 349 past report events, Palm Oil moved a median +0.3% over 5 sessions (55% higher; middle half -1.0% to +2.0%), and +0.6% 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.
