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Brownfield reports soybeans rose on strong weekly export sales of over 70 million bushels and new USDA sales of 396,000 tons to China. Corn gained on commercial and technical buying, and China bought 204,000 tons of U.S. sorghum.
Wheat was mostly higher, with Kansas City and Minneapolis holding steady, and South Korea bought 65,000 tons of feed wheat.
Export demand from China and South Korea supports U.S. soybeans, corn, sorghum and wheat prices. Ample global wheat supplies limit the upside.
brownfieldagnews.comJohn PerkinsOct 27, 2016After 696 past bullish trade events, SOY moved a median +0.3% over 5 sessions (54% higher; middle half -1.3% to +1.9%), and +0.7% over 20.
After 729 past bullish trade events, CORN moved a median +0.4% over 5 sessions (56% higher; middle half -1.1% to +1.8%), and +0.5% over 20.
Not enough comparable past events yet for a historical read.
After 206 past neutral trade events, WHEAT moved a median +0.1% over 5 sessions (53% higher; middle half -1.3% to +1.6%), and +0.5% 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.
