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USDA's October WASDE cut US corn and soybean supplies as adverse weather reduced harvested acreage. Soybean stocks were pegged at a five-year low as exports rose.
Iowa acres unharvestable after the August derecho grew to 850,000.
Smaller US supplies and low soybean stocks tighten the balance sheet and support prices for corn and soybeans. Feed costs for buyers are likely to rise.
farmpolicynews.illinois.eduKeith GoodOct 12, 2020After 747 past bullish report events, SOY 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.
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.
