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USDA's November WASDE cut US soybean production 121 million bushels to 4.461 billion, roughly 95 million below expectations, with yield lowered to 51.7 bpa. Corn production slipped 60 million bushels to 15.143 billion, about 45 million below expectations, while ending stocks fell to 1.938 billion bushels.
The soybean production cut was a bullish surprise, though rallies stalled on South American weather and trade war concerns after Trump's election. Smaller US corn and soy supplies could lift feed grain prices if carryout tightens further.
admis.comADMIS Research TeamNov 21, 2024After 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 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 250 past neutral report events, Soybean Meal moved a median -0.1% over 5 sessions (49% higher; middle half -1.6% to +1.7%), and +0.4% 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.
