Loading…
USDA's August Crop Production Report projected a record US soybean crop of 4.589 billion bushels at 53.2 bushels per acre. It also projected record national corn yields of 183.1 bushels per acre, with new state yield records in several states.
Record yields and output expand supplies of corn and soybeans, which pressures prices and lowers feed costs for buyers.
farmpolicynews.illinois.eduRyan HanrahanAug 13, 2024After 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.
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.
The record projected US soybean crop (4.589 bn bu at 53.2 bu/acre) signals abundant supply and bearish pricing.
