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USDA lowered its corn production estimate to 15.09 billion bushels and yield to 174.4 bushels per acre, both still records. Soybean production rose 141 million bushels to a record 4.2 billion on a 50.6 bushel yield.
Corn ending stocks were lowered to 2.384 billion bushels.
Record soybean supplies are bearish for soybean meal used in feed, while lower corn ending stocks provide modest support. Ample supplies keep feed costs contained.
dtnpf.comChris Clayton DTN Ag Policy Editor, Emily Unglesbee DTN Staff ReporterSep 12, 2016After 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 399 past bearish report events, Soybean Meal moved a median -0.4% over 5 sessions (44% higher; middle half -2.4% to +1.2%), and -1.0% over 20.
After 770 past neutral report events, Corn moved a median +0.2% over 5 sessions (54% higher; middle half -1.1% to +1.6%), and +0.7% 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.
