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USDA's NASS cut its corn and soybean production estimates by about 1% from August, to 13.8 billion and 3.63 billion bushels. The corn yield forecast fell to 168.2 bushels per acre, and the WASDE lowered corn ethanol use.
Soybean output is forecast down 20% from last year.
Lower production and yield forecasts tighten corn and soybean supplies, though the corn ethanol cut partly offsets the effect. Feed buyers should expect firmer grain and soymeal prices.
agri-pulse.comSteve DaviesSep 12, 2019After 1,040 past bullish report events, Corn moved a median +0.5% over 5 sessions (62% higher; middle half -0.9% to +2.0%), and +0.8% over 20.
After 747 past bullish report events, Soybeans moved a median +0.3% over 5 sessions (54% higher; middle half -1.4% to +2.1%), and +0.8% over 20.
After 414 past bullish report events, Soybean Meal moved a median -0.1% over 5 sessions (48% higher; middle half -2.1% to +2.3%), and +0.3% 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.
