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USDA's August Crop Production and WASDE reports projected record corn and soybean yields and above-trend spring wheat yields. Planted corn acreage fell to 90.7 million acres, cutting production to about 15.15 billion bushels, and December corn futures closed up on the day at $4.01.
Large yields keep supplies ample for feed buyers, but the lower corn acreage and reduced ending stocks limit downside for corn prices.
fb.orgBetty ResnickAug 13, 2024After 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.
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.
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.
